In a range-bound session favoring short positions, CME Platinum remains constrained in a $1,057.3 to $1,071 range and is currently trading close to $1,058.6 per troy ounce.
United States Retail Sales is next today at 12:30 UTC.
United States Producer Price Index published yesterday at 12:30 UTC came out at -0.5%, falling short of the 0.1% projections and continuing its decline from the previous 0% figure. Initial Jobless Claims in United States fell short of market expectations (232,000) with a reading of 239,000, continuing the decline from the previous figure of 228,000.
While price action maintains a negative bias, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.62 trillion, while the previous figure was 8.63 trillion.
Technical analysis of Platinum's past price action reveals multiple support and resistance levels: Platinum could begin to recover as it approaches significant support, now $24.13 away from $1,034.47. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that investors are seeking long positions as the Platinum future price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that the Platinum future's upper Bollinger Band® is at $1,066 which indicates a further downward move may follow.
Overall, while Platinum has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Taking a look at other Metals commodities, negative performances are evident as Gold withdraws 0.26% to trade around $2,050.
Positive performances can be seen by looking at other Metals markets as Silver goes up 0.87% to trade around $26.15. Copper is up 0.59%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Core Retail Sales are set for a continuation of decline with -0.3% while previous data was -0.1%; data will be released today at 12:30 UTC.
Furthermore, United States Retail Sales is expected today at 12:30 UTC.
The commodity has been trending positively for about a month. CME Platinum has recovered 32.28% since descending to a significant low of $805.5 around 7 months ago.