A quick look at yesterday: with a daily low of $891.4, the Platinum future closed yesterday at $934.6 per troy ounce, after ending Thursday at $915.1 and gaining $19.5 (2.13%).
Meanwhile, United States CFTC Gold speculative net positions released yesterday at 19:30 UTC with a figure of 77,000, while the previous figure was 94,400. United States CFTC Nasdaq 100 speculative net positions released yesterday at 19:30 UTC with a figure of 1,500, while the previous figure was 8,500. United States CFTC Crude Oil speculative net positions released yesterday at 19:30 UTC with a figure of 251,500, while the previous figure was 259,200.
Trend-focused traders would be interested to note that Platinum made an initial breakout above its 200 day Simple Moving Average at $948.34, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $950.85, thereby suggesting that the Platinum future is becoming overvalued. Chart analysis suggests after reaching the known resistance zone beginning at $950.93, Platinum price action retreated approximately $16.33.
Overall, while CME Platinum has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in the Platinum future's price coincides with other Metals as Silver added 3.8% and closed around $18.69 yesterday. Gold is trading around $1,662.5 after ending yesterday's session at $1,636.8 (up 1.57% today). Copper is trading around $3.48 after ending yesterday's session at $3.41 (up 2% today).
CME Platinum hit a significant low of $805.5 around a month ago, but has since recovered 13.61%.