After closing at $1,026.6 Friday, CME Platinum began today at $1,025.5 with significant bullish sentiment driving CME Platinum's price action higher. So far today, price action has drawn out a distinct $1,022 to $1,038.2 range.
United States ISM Non-Manufacturing PMI (Nov) is next today at 15:00 UTC.
Platinum is $24.57 away from testing key resistance at $1,052.57. Peaking above this level could inspire market bulls and open the path to further gains. Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,058, thereby suggesting that Platinum is becoming overvalued. In contrast, Platinum made an initial breakout above its 5 day Simple Moving Average at $1,025.48, a potential indicator of a newly emerging bullish phase.
Technical analysis of the Platinum future price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
This rally in the Platinum future's price coincides with other Metals as Palladium rises 1.28% to trade around $1,925.5.
Furthermore, the market is looking at United States ISM Non-Manufacturing PMI (Nov) will be released today at 15:00 UTC. United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 17:00 UTC.
Having set a significant high of $1,168.8 3 months ago, Platinum is trading 27.45% lower.