The price of platinum encountered unexpected downward pressure as the stochastic indicator surged into overbought territory. This surge has prompted a temporary postponement of the bearish attack, with platinum stabilizing near the 930.00 level. The precious metal may continue to exhibit mixed trading patterns.
It is crucial to emphasize that the price’s primary stability below the critical resistance level of 993.00 and the formidable barrier at the 50% Fibonacci correction level, standing at 950.00, reinforces our bearish outlook. Under these conditions, the market remains poised for a potential decline towards the 880.00 support level, followed by an additional support level at 855.00.
For today’s trading session, the expected price range is anticipated to fall between 950.00 as the upper boundary and 910.00 as the lower boundary, with a prevailing bearish trend expected.
Market participants are advised to stay vigilant and monitor the platinum market closely, as price movements can be influenced by various factors, including economic indicators, supply and demand dynamics, and geopolitical developments. Keeping abreast of the latest developments is essential for informed decision-making.
