Platinum drops from $1,097.3 to $1,090.3 per troy ounce, losing $7 (0.64%) today.
Crude Oil Inventories data from United States will be released today at 14:30 UTC with analysts expecting a decline to -1 million. Potentially significant price fluctuations in the Platinum future are expected to follow.
Meanwhile, United States Building Permits (Mar) released yesterday at 12:30 UTC with a figure of 1.41 million, while the previous figure was 1.55 million. United States API Weekly Crude Oil Stock came out at -2.67 million, while a consensus of analysts was expecting -2.46 million. Housing Starts in United States fell short of market expectations (0.4%) with a reading of -0.8%, continuing the decline from the previous figure of 7.3%.
Technical chart analysis shows Platinum could begin to recover as it approaches significant support, now $21.93 away from $1,068.37. Dipping below could be an indication that further losses are ahead. 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 momentum evaluation, the Relative Strength Index indicates CME Platinum is currently 'overbought' which suggests new gains will be harder to obtain. Analysis based on the asset volatility indicates that the Platinum future's upper Bollinger Band® is at $1,094.78 which indicates a further downward move may follow.
Notwithstanding the Platinum future's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Taking a look at other Metals commodities, negative performances are evident as Gold is down to $1,995.7, losing $24, after closing at $2,019.7 in the preceding trading session. Palladium is down to $1,603.5, losing $39.5, after closing at $1,643 in the preceding trading session. Copper is trading around $4.05 (down 3.9 cents).
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -1 million, following on from the preceding figure of 597,000. New data is set to be published today at 14:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) is scheduled for tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) scheduled to come out 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 36.23%.