CME Platinum continues a 3 day surge, reaping a total of 4.27%. Heading in the same direction for now — after closing the previous trading day at $1,033, the Platinum future is up to $1,040 per troy ounce, which makes for a move of 0.67%/$7 today.
United States Producer Price Index is next today at 13:30 UTC.
At the same time, United States CFTC Gold speculative net positions released yesterday at 19:30 UTC with a figure of 82,300, while the previous figure was 64599.99999999999. United States CFTC Nasdaq 100 speculative net positions came out at -2,400. United States CFTC S&P 500 speculative net positions released yesterday at 19:30 UTC with a figure of -177,100, while the previous figure was -175,100.
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,055.59, thereby suggesting that the Platinum future is becoming overvalued.
Overall, while the Platinum future has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Rallies can also be seen in other Metals, having closed the previous session at $2,039.5, Palladium is up 1.62% today to currently trade at around $2,072.5.
Moreover, macro data could boost sentiment further as United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at 0.1%; data will be released tomorrow at 13:30 UTC.
Also worthy of note, United States Crude Oil Inventories projected to come out at 1.36 million — worse than previous data of 3.92 million; data will be released tomorrow at 15:30 UTC.
Furthermore, the market is looking at United States Producer Price Index is expected today at 13:30 UTC.
The commodity has been trending positively for about a month. After hitting an important low of $805.5 approximately 2 months ago, Platinum has bounced back 28.24% since.