On a 4 day uptrend, Today's session might suggest a slow down — the Platinum future trades at $961.1 per troy ounce, after ending yesterday at $961.8.
United States Initial Jobless Claims is next.
CME Platinum's state is reflected by market data as highly important Crude Oil Inventories data from United States beat analyst expectations of 457,000 with a reading of 1.17 million. United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 307,000, while the previous figure was 700,000.
Platinum's upper Bollinger Band® is at $977.32, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests Platinum is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Metals as Copper closed at $4.07 (down 2.24%). Silver is down to $20.91, losing 18.5 cents, after closing at $21.09 in the preceding trading session.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000. United States ISM Non-Manufacturing PMI (Feb) is scheduled for tomorrow at 15:00 UTC.
This year has been a gloomy one for the Platinum future after trading as high as $1,168.8 and going on to lose 12.48% of its value.