Platinum slides down from $1,105 to $1,094.6 per troy ounce today, losing $10.4 (0.94%).
United States Producer Price Index released earlier showed a marked improvement to 0.2% from the preceding data of -0.4%, but fell short of the 0.3% figure forecast by a consensus of market analysts. Highly important Initial Jobless Claims data from United States beat analyst expectations of 245,000 with a reading of 264,000.
While price action maintains a negative bias, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.50 trillion, while the previous figure was 8.50 trillion.
Platinum made an initial break below its 21 day Simple Moving Average at $1,094.8, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $1,089 currently serving as support. If price action breaks below, the next Fib hurdle is $1,072.8.
Overall, the technical analysis landscape suggests that on the balance of probability, Platinum is expected to maintain its bearish bias.
Taking a look at other Metals commodities, negative performances are evident as Silver slides down 1.51% to trade around $24.05. After ending yesterday's session at $2,020.5, Gold lost $8.1 and is trading around $2,012.4.
Though CME Platinum has been dropping, other Metals have been performing better: Palladium gained 1.29% and is currently trading at $1,574.
The Platinum future now trading 17.44% above its 3-month low of $805.5.