Struggling to find upward momentum, CME Platinum has shed $9.2 to currently trade at $1,011.8 per troy ounce as it ranges between $1,010.7 and $1,023.4 so far today.
United States ADP Nonfarm Employment Change (Jan) is next today at 13:15 UTC.
United States Consumer Confidence published yesterday at 15:00 UTC came out at 107.1, falling short of the 109 projections and continuing its decline from the previous 109 figure.
While price action maintains a negative bias, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 6.33 million, while the previous figure was 3.38 million. United States Chicago PMI (Jan) came out at 44.3, while a consensus of analysts was expecting 45.
Despite being in the red so far in the current trading session, Platinum peaked above its 3 day Simple Moving Average around $1,019.33 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $1,001.25, a low enough level to, generally, suggest that Platinum is trading below its fair value. On the other hand, note that Platinum could begin to recover as it approaches significant support, now $4.63 away from $1,016.43. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Platinum is set to appreciate despite today's setback.
Taking a look at other Metals commodities, negative performances are evident as Copper stumbles 1.4% to trade around $4.17. Silver is down 29.6 cents from the beginning of the session and now trades around $23.54. Palladium is trading around $1,629.5 (down $18.8).
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as today at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 376,000 from the preceding figure of 533,000.
Furthermore, United States ADP Nonfarm Employment Change (Jan) is scheduled for today at 13:15 UTC. United States Interest Rate figure is projected at 4.75. It previously stood at 4.5; data will be released today at 19:00 UTC.
The current year has not been the best for Platinum as it lost 6.88% from its highest point of $1,168.8.