Small gain for the Platinum future at $1,051.2 per troy ounce after ranging between $1,037.8 and $1,056.7 today.
The Platinum future is currently trading at $1,051.2 following the release of Core PCE Price Index (MoM) (Oct) data from the United States.
This move comes while some more positive signs for CME Platinum are out as highly important Initial Jobless Claims data from United States beat analyst expectations of 235,000 with a reading of 225,000.
Nevertheless, United States Crude Oil Inventories published yesterday at 15:30 UTC came out at -12.58 million, falling short of the -2.76 million projections and continuing its decline from the previous -3.69 million figure.
Meanwhile, United States Core PCE Price Index (MoM) (Oct) released today at 13:30 UTC with a figure of 0.2, while the previous figure was 0.5.
The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. On the other hand, note that the Platinum future's upper Bollinger Band® is at $1,058, this is a slight indication of a slowdown.
Overall, looking at the technical analysis landscape, it seems the Platinum future likely to continue pointing upward in the short term.
This rally in the Platinum future's price coincides with other Metals as Gold jumps 2.45% to trade around $1,803. Silver added 3.03% to its value, now trading at $22.44. Palladium increases 1.66% to trade around $1,897.
Also worthy of note, United States Non Farm Payrolls projected to come out at 200,000 — worse than previous data of 261,000; data will be released tomorrow at 13:30 UTC.
Furthermore, the market is looking at United States ISM Manufacturing PMI (Nov) is scheduled for today at 15:00 UTC. United States Unemployment Rate figure is projected at 3.7. It previously stood at 3.7; data will be released tomorrow at 13:30 UTC.
After hitting an important low of $805.5 approximately 2 months ago, CME Platinum has bounced back 29.03% since.