While on a 3 day slump, falling a total of 6.02%, More of the same today: trading lower, Platinum is currently down $4.2 as it ranges between $968 and $983.2 so far today.
United States Fed Chair Powell speech is next today at 17:00 UTC.
Meanwhile, United States Trade Balance (Dec) came out at -67.4 billion, while a consensus of analysts was expecting -68.5 billion. United States Exports is released with a new figure of 250.2 billion, this is down from preceding data of 252.4 billion. United States Imports released today at 13:30 UTC with a figure of 317.6 billion, while the previous figure was 313.4 billion.
Platinum chart analysis: Platinum is currently alternating around $976.83 with price action moving above and below this key level throughout the session. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $969.43, a low enough level to, generally, suggest that CME Platinum is trading below its fair value.
All in all, the technical analysis suggests Platinum has no clear-cut direction.
Taking a look at other Metals commodities, negative performances are evident as Copper closed at $4 (down 0.55%).
Positive performances can be seen by looking at other Metals markets as Palladium goes up 3.81% to trade around $1,639.5.
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories expected to decline to 2.15 million while its preceding data was 4.14 million, data will be available tomorrow at 15:30 UTC.
Furthermore, United States Fed Chair Powell speech is scheduled for today at 17:00 UTC. United States EIA Short-Term Energy Outlook is expected today at 17:00 UTC.
The commodity has been trending lower for about a month. This year has been a gloomy one for the Platinum future after trading as high as $1,168.8 and going on to lose 10.83% of its value.