CME Platinum has been losing ground for 3 days, shedding a total of 5.89% of its value. More of the same today: Platinum drops from $1,007.5 to $992.8 per troy ounce, losing $14.7 (1.46%) today.
Platinum is currently trading at $992.8 following the release of EIA Short-Term Energy Outlook data from the United States.
While price action maintains a negative bias, United States ISM Non-Manufacturing PMI (Nov) came out at 56.5, while a consensus of analysts was expecting 53.3. United States Trade Balance (Oct) released today at 13:30 UTC with a figure of -78.2 billion, while the previous figure was -74.1 billion. United States Exports data released today at 13:30 UTC showed continuing decline to 256.6 billion from a previous figure of 258.5 billion.
Despite being in the red so far in the current trading session, Platinum peaked above its 21 day Simple Moving Average around $1,010 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $967.2, a low enough level to, generally, suggest that Platinum is trading below its fair value.
Technical analysis indicates that Platinum (currently on a downtrend) might reverse course and start pointing upward in the short term.
Though Platinum has been dropping, other Metals have been performing better: Copper is up 0.71% to $3.82.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -3.88 million. It previously stood at -12.58 million; data will be released tomorrow at 15:30 UTC.
Having set a significant low of $805.5 3 months ago, the Platinum future is trading 25.08% higher.