The Platinum future has been losing ground for 6 days, shedding a total of 4.67% of its value. More of the same today: the Platinum future recovering almost all the way back to $1,093.2 today, after dipping down to $1,076.
Platinum is currently trading at $1,088.2 following the release of Core PCE Price Index (MoM) (Mar) data from the United States.
Following a previous reading of 0.8%, Pending Home Sales in United States released yesterday at 14:00 UTC fell short of the 0.5% figure expected by analysts with an actual reading of -5.2%. GDP in United States fell short of market expectations (two) with a reading of 1.1, continuing the decline from the previous figure of 2.6.
Amid the market gloom, United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3.
Following today's trading session, chart analysis suggests Platinum could begin to recover as it approaches significant support, now $6.67 away from $1,081.53. Dipping below could be an indication that further losses are ahead. Price action remains constrained around the key Fibonacci level of $1,089 currently serving as support. If price action breaks below, the next Fib hurdle is $1,072.8.
The commodity has been trending positively for about a month. 7 days ago CME Platinum reached a significant high of $1,141.5 but has consequently lost 4.23% since then.