Platinum has been losing ground for 8 days Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $995.7, CME Platinum is up to $999 per troy ounce, which makes for a move of 0.33%/$3.3 today.
United States Building Permits is next today at 13:00 UTC.
Meanwhile, United States API Weekly Crude Oil Stock came out at -4.8 million, while a consensus of analysts was expecting -2.2 million. United States 7-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.89, while the previous figure was 4.027.
While CME Platinum is higher so far today, these Metals commodities are underperforming: after ending yesterday's session at $3.61, Copper lost 1.4 cents and is trading around $3.6.
Moreover, macro data could boost sentiment further as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.5%; data will be released today at 13:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -1 million, having previously been at -5.4 million. The figure will be published today at 15:30 UTC.
Furthermore, the market is looking at United States New Home Sales (Oct) is expected today at 15:00 UTC.
Platinum is now trading 23.61% above the significant low ($805.5) it slumped to 2 months ago.