The Platinum future has been losing ground for 4 days, shedding a total of 1.71% of its value. Similar trend today: CME Platinum is down to $1,013 per troy ounce, after ending Thursday at $1,016.8. Overall, a 0.38% loss or $3.8 today.
Technical analysis trend indicators suggest that investors are seeking long positions as Platinum price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Asset volatility analysis shows that the Platinum future's upper Bollinger Band® is at $1,038 which indicates a further downward move may follow.
All in all, the technical analysis suggests CME Platinum has no clear-cut direction.
In the meantime, negative performances are also seen in other Metals as after ending Thursday's session at $2,026.4, Gold lost $18.6 and is trading around $2,007.8. Silver is down to $24.91, losing 17.8 cents, after closing at $25.09 in the preceding trading session.
Furthermore, United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 16:00 UTC.
The commodity has been trending positively for about a month. The Platinum future hit a significant low of $805.5 around 7 months ago, but has since recovered 26.23%.