The Platinum future is down to $1,114.5 per troy ounce, after ending Friday at $1,138.7. Overall, a 2.13% loss or $24.2 today.
The Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average.
Overall, looking at the technical analysis landscape, it seems CME Platinum might start pointing upward in the short term.
In the meantime, negative performances are also seen in other Metals as Palladium stumbles 2.02% to trade around $1,575.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Consumer Confidence projected to decline to 104 while previous data was 104.2; data will be released tomorrow at 14:00 UTC.
Furthermore, United States Building Permits is scheduled for tomorrow at 13:30 UTC. United States New Home Sales (Mar) will be released tomorrow at 14:00 UTC.
The commodity has been trending positively for about a month. Platinum hit a significant low of $805.5 around 7 months ago, but has since recovered 41.37%.