After closing the previous trading day at $973.4, CME Platinum is up to $978.6 per troy ounce, which makes for a move of 0.53%/$5.2 today.
United States Building Permits (Feb) is next today at 12:30 UTC.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,006.71, thereby suggesting that Platinum is becoming overvalued.
Examining the technical analysis landscape, Platinum is likely to reverse course and start pointing downward in the short term.
A look at other Metals also shows upside as Copper is up 0.91%. Having closed the previous session at $21.88, Silver is up 0.58% today to currently trade at around $22.
While the Platinum future is appreciating, other Metals are comparatively not doing so well — Gold is down $7.9 from the beginning of the session and now trades around $1,923.4.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Initial Jobless Claims is projected to outperform its last figure with 205,000. It previously stood at 211,000; data will be released today at 12:30 UTC.
Also worthy of note, United States Philadelphia Fed Manufacturing Index (Mar) is expected today at 12:30 UTC. United States Building Permits (Feb) is scheduled for today at 12:30 UTC.
Over the past 2 months, the Platinum future has retreated 11.86% from a noteworthy peak of $1,104.4.