Platinum price has successfully recorded a new positive close above the significant support level of 900.00, signaling a potential reinforcement of bullish attempts. The current market stance is characterized by fluctuations around the 916.00 mark, underscoring the importance of gathering positive momentum. The objective is to facilitate the process of surpassing the MA55 (55-day Moving Average) at 932.00, followed by exerting upward pressure on the 950.00 barrier. The latter serves as the initial primary target within the bullish trajectory.
It is crucial to note that a decline below the mentioned support, with a subsequent negative close below it, would signify a surrender to the influence of the bearish bias. Such a scenario could lead to the price settling within a bearish channel, heightening the risk of substantial losses. Initial targets for potential bearish movement are situated at 885.00 and 855.00.
The expected trading range for the day is anticipated between 905.00 (support) and 950.00 (resistance). The overall trend for the day is deemed bullish, with close attention needed to monitor key support and resistance levels for potential shifts in market dynamics. Traders are advised to stay vigilant for confirmation signals that may guide their positions accordingly.
