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Platinum Price Analysis Points to Bearish Trend Ahead

by Daisy

Platinum’s recent price movements indicate a shift towards negativity, with expectations of further downward pressure. Currently hovering around $1015.00, the precious metal appears poised to test additional support levels in its bid to resume its downward trajectory. Analysts suggest that if this trend persists, platinum could potentially target $984.00, with a subsequent move towards $948.00.

This downturn follows a period of stability below the significant resistance level of $1080.00. Furthermore, the $1042.00 mark acts as an additional barrier, bolstering the likelihood of a bearish response to any stochastic attempts, thus facilitating a move towards the aforementioned negative targets.

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In terms of expected trading ranges, analysts foresee a bracket between $1030.00 and $984.00, indicating the key support and resistance levels for traders to monitor.

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Trend Forecast: Bearish

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