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Platinum Price Analysis: Bullish Trend Expected

by Daisy

The price of platinum has recently shown fluctuations below the $983.00 mark, indicating a temporary halt to its bullish momentum. However, it has managed to find support near $980.00, suggesting potential for renewed positive movement. It is crucial to await confirmation of a close above this level to validate the bullish trend and facilitate a path towards targets at $1015.00 and subsequently $1042.00.

Conversely, sustained trading below the current resistance could prompt a return to bearish sentiment, potentially leading to intraday losses down to around $960.00, with a test of the MA55 support anticipated before any renewed attempts at bullish momentum.

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Expected Trading Range: $975.00 to $1015.00

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Trend Forecast: Bullish

This analysis indicates cautious optimism for platinum prices, contingent upon confirmation of key price levels to sustain upward momentum.

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