After ending the previous trading day at $924.1, the Platinum future went up to $942 only to drop back; still positive overall today, now trading at $941.1 per troy ounce.
United States Non Farm Payrolls data will be released today at 12:30 UTC, with an expected decline to 200,000.
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 220,000 with a reading of 217,000.
At the same time, United States ISM Non-Manufacturing PMI (Oct) released yesterday at 14:00 UTC with a figure of 54.4, while the previous figure was 56.7. New Factory Orders data from United States matched market expectations with a reading of 0.3% — a positive step in contrast to previous data of 0.2% from last month.
Despite posting gains so far today, Platinum slid below its 21 day Simple Moving Average at $920.38 in earlier trade — an early indicator that a negative trend could be emerging. Despite this, CME Platinum broke through the $924.7 resistance, climbing $16.4 above it.
Overall, looking at the technical analysis landscape, it seems CME Platinum is likely to reverse course and start pointing down in the short term.
A look at other Metals also shows upside as Copper gained 4.74% and is currently trading at $3.59. Silver is up 2.6%. Gold is up 1.47%.
Furthermore, the market is looking at United States Non Farm Payrolls projected to decline to 200,000 while previous data was 263,000; data will be released today at 12:30 UTC. Projections for United States Unemployment Rate are set for a continuation of decline with 3.6 while previous data was 3.5; data will be released today at 12:30 UTC.
Having set a significant high of $1,168.8 2 months ago, the Platinum future is trading 14.72% lower.