After hitting its highest point in 5 months at $1,024.7, Platinum dropped by $26.5 and is now trading at $998.2.
New United States Crude Oil Inventories improved upon the previous -3.12 million figure while also exceeding analyst expectations with a reading of 3.92 million.
In contrast, positive data for Platinum reported earlier when highly important Crude Oil Inventories data from United States beat analyst expectations of 1.36 million with a reading of 3.92 million.
Meanwhile, United States 10-Year Note Auction released today at 18:00 UTC with a figure of 4.14, while the previous figure was 3.93. United States Cushing Crude Oil Inventories came out at -923,000.
Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as Platinum price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that CME Platinum's upper Bollinger Band® is at $1,007.81 which indicates a further downward move may follow. Following today's trading session, chart analysis suggests the Platinum future is oscillating around the $1,011 level serving as support.
Overall, while the Platinum future has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Taking a look at other Metals commodities, negative performances are evident as Palladium is down $91.5 from the beginning of the session and now trades around $1,862. After ending yesterday's session at $21.5, Silver lost 13.7 cents and is trading around $21.36.
Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims projected to come out at 220,000 — worse than previous data of 217,000; data will be released tomorrow at 13:30 UTC.
Furthermore, United States Consumer Price Index figure is projected at 0.6%. It previously stood at 0.4%; data will be released tomorrow at 13:30 UTC. United States Core Consumer Prices is expected tomorrow at 13:30 UTC. United States Consumer Price Index is expected tomorrow at 13:30 UTC.
Having set a significant high of $1,168.8 2 months ago, Platinum is trading 25.95% lower.