Platinum prices remain on a corrective bullish trajectory, with no significant deviations observed as they hover around the 933.00 mark. This steadfast performance signals a delay in the previously projected downward move.
It’s important to emphasize that the additional barrier at 950.00 continues to act as a formidable obstacle against further bullish advances. This presents an opportunity for the negative momentum to accumulate once more, facilitating the activation of the bearish trend. The anticipated path includes a decline towards 880.00, followed by a target zone at 855.00.
The accompanying chart illustrates the proximity of the Moving Average 55 (MA55) to the additional barrier, underscoring its role in constraining trades within the earlier identified bearish trajectory. Moreover, the stochastic indicator has ventured into overbought territory, signaling the initiation of a gradual shift away from positive pressures. This shift may pave the way for the necessary negative momentum to fulfill the aforementioned downside targets.
Market participants should anticipate today’s trading range to be confined within the 950.00 resistance and the 910.00 support.
In conclusion, platinum prices exhibit resilience just below a key resistance level, with a bearish trend looming in the near future. Traders are advised to remain vigilant as the market dynamics evolve.
