Slightly weaker but mostly flat: CME Platinum is currently trading at $1,071 per troy ounce as it maintains an active range between $1,055 and $1,086.
Nonetheless, encouraging indicators for CME Platinum published earlier when United States Initial Jobless Claims beat analyst expectations of 215,000 and the previous reading of 206,000 with new data of 205,000.
Amid the market gloom, United States Consumer Price Index came out at -0.1%, while a consensus of analysts was expecting 0%. United States Core Consumer Prices released yesterday at 13:30 UTC with a figure of 0.3%, while the previous figure was 0.2%.
Despite being in the red so far in the current trading session, Platinum peaked above its 10 day Simple Moving Average around $1,079.68 — typically an early indicator of a new bullish trend beginning to emerge.
Overall, looking at the technical analysis landscape, it seems Platinum —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other Metals as Palladium descends 1.08% to trade around $1,771.5.
Though the Platinum future has been dropping, other Metals have been performing better: having closed the previous session at $1,898.8, Gold is up 1.06% today to currently trade at around $1,919. Silver is up 1.25%.
The past 3 months have been positive for Platinum as it added 22.43% compared to its 3-month low of $805.5.