The Platinum future continues an 8 day uptrend, gaining a total of 11.27%. Today's session so far looks to be heading in the same direction — after closing at $1,092.3 yesterday, the Platinum future began today at $1,092 with significant bullish sentiment driving the Platinum future's price action higher. So far today, price action has drawn out a distinct $1,081.3 to $1,097 range.
United States ADP Nonfarm Employment Change (Dec) is next today at 13:15 UTC.
At the same time, United States JOLTs Job Openings (Nov) came out at 10.46 million, while a consensus of analysts was expecting 10 million. United States ISM Manufacturing PMI (Dec) released yesterday at 15:00 UTC with a figure of 48.4, while the previous figure was 49. United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 3.30 million, while the previous figure was -1.3 million.
Although up today, early price action saw Platinum dropping below its 3 day Simple Moving Average at $1,082.33 — an early indicator that a new downward trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,102.42, thereby suggesting that the Platinum future is becoming overvalued.
Technical analysis suggests there could be an imminent reversal for the Platinum future.
A look at other Metals also shows upside as Copper is up 1.7%.
Meanwhile, Silver is trading around $23.64 (down 32.4 cents).
Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with 1.15 million. It previously stood at 718,000; data will be released today at 16:00 UTC.
Also worthy of note, United States Non Farm Payrolls projected to come out at 200,000 — worse than previous data of 263,000; data will be released tomorrow at 13:30 UTC.
Furthermore, the market is looking at United States ADP Nonfarm Employment Change (Dec) will be released today at 13:15 UTC.
After hitting an important low of $805.5 approximately 4 months ago, Platinum has bounced back 35.61% since.