Platinum has been losing ground for 4 days Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. Tentatively higher from an earlier low of $1,104, Platinum is up to $1,114.3 per troy ounce today, adding $16.1, or 1.47%, to yesterday's closing price of $1,098.2.
New United States Core Durable Goods Orders improved upon the previous -0.3% figure while also exceeding analyst expectations with a reading of 0.3%.
Platinum upside coincides with further encouraging market factors as data for United States Core Durable Goods Orders published today at 12:30 UTC came out at 0.3%, beating projections of -0.2% and showing improvement over the preceding figure of -0.3%.
Nevertheless, highly important Consumer Confidence data from United States beat analyst expectations of 104 with a reading of 101.3.
Meanwhile, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000.
Platinum made an initial breakout above its 5 day Simple Moving Average at $1,119, a potential indicator of a newly emerging bullish phase. 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. On the other hand, note that although CME Platinum is appreciating today after rising as high as $1,124, price action is now slowing and consolidating around 50 cents below the $1,114.8 resistance level.
Examining the technical analysis landscape, CME Platinum might continue its downtrend in the short term.
This rally in Platinum's price coincides with other Metals as Palladium ascends 2.1% to trade around $1,512. Silver is up 0.74%.
Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million. It previously stood at -4.58 million; data will be released today at 14:30 UTC.
Also worthy of note, tomorrow at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 0.5% from the preceding figure of 0.8%. United States GDP projected to decline to two while previous data was 2.6; data will be released tomorrow at 12:30 UTC.
The commodity has been trending positively for about a month. CME Platinum has fallen back around 3.79% from the significant high of $1,141.5 set 5 days ago.