After closing the previous trading day at $950.5, the Platinum future is up to $958.1 per troy ounce, which makes for a move of 0.8%/$7.6 today.
United States ADP Nonfarm Employment Change (Oct) is next today at 12:15 UTC.
Meanwhile, United States JOLTs Job Openings (Sep) came out at 10.72 million, while a consensus of analysts was expecting 10 million. United States ISM Manufacturing PMI (Oct) released yesterday at 14:00 UTC with a figure of 50.2, while the previous figure was 50.9. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -6.53 million, while the previous figure was 4.52 million.
Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $968.53, thereby suggesting that Platinum is becoming overvalued.
All in all, the technical analysis suggests CME Platinum has no clear-cut direction.
This rally in Platinum's price coincides with other Metals as Palladium is up 1.65% to $1,908. Gold gained 0.23% and is now trading at $1,653.5.
Also worthy of note, United States Crude Oil Inventories expected to decline to 367,000 while its preceding data was 2.59 million, data will be available today at 14:30 UTC.
Furthermore, the market is looking at United States Interest Rate is expected today at 18:00 UTC. United States ADP Nonfarm Employment Change (Oct) is expected today at 12:15 UTC.
The Platinum future hit a significant low of $805.5 around 2 months ago, but has since recovered 18%.