The Platinum future trades at $990.6 per troy ounce, after ending yesterday at $989.4.
The Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. CME Platinum's upper Bollinger Band® is at $986.58, indicating gains could follow.
Despite muted price action in CME Platinum, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances are seen in other Metals as Palladium closed at $1,895.5 (down 0.97%).
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with 1.1 million. It previously stood at -3.12 million; data will be released tomorrow at 15:30 UTC. United States EIA Short-Term Energy Outlook is expected today at 17:00 UTC.
The Platinum future is now trading 22.83% above the significant low ($805.5) it slumped to 2 months ago.