The recent performance of platinum prices, characterized by lackluster trading and hovering around the 900.00 level, has failed to sway the overarching bearish trajectory. This persistence in bearish sentiment is underscored by the metal’s continued consolidation within a well-defined bearish channel, clearly depicted on the price chart.
It’s crucial to note that the consolidation of the 50-day moving average (MA50) in proximity to the major resistance at 925.00 is a strong indicator of the prevailing negative pressures influencing platinum prices. This dynamic reaffirms expectations of impending bearish waves, with downside targets encompassing multiple critical levels, specifically at 855.00 and 810.00.
In today’s trading context, the projected trading range spans from 905.00 to 855.00, with the bearish trend expected to persist. Market participants continue to closely monitor the platinum market in light of these developments.
