Struggling to find upward momentum, CME Platinum has shed $7.4 to currently trade at $1,054.4 per troy ounce as it ranges between $1,042.7 and $1,073.8 so far today.
United States's Initial Jobless Claims new data released of 242,000 below its previous figure.
United States Initial Jobless Claims published today at 12:30 UTC came out at 242,000, falling short of the 240,000 projections and continuing its decline from the previous 229,000 figure. United States Crude Oil Inventories released earlier showed a marked improvement to -1.28 million from the preceding data of -5 million, but fell short of the -1.1 million figure forecast by a consensus of market analysts.
Meanwhile, United States Interest Rate came out at 5.25, while a consensus of analysts was expecting 5.25.
Platinum could begin to recover as it approaches significant support, now $2.77 away from $1,051.63. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, the Platinum future peaked above its 3 day Simple Moving Average around $1,075.53 — typically an early indicator of a new bullish trend beginning to emerge. The Platinum future's lower Bollinger Band® is at $1,028.45, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Despite this, price action remains constrained around the key Fibonacci level of $1,056.59 currently serving as support. If price action breaks below, the next Fib hurdle is $1,036.53.
Technical analysis indicates that Platinum (currently on a downtrend) might reverse course and start pointing upward in the short term.
Though the Platinum future has been dropping, other Metals have been performing better: Silver rallies 2.55% to trade around $26.34. Gold is up 1.06%. Palladium rises 2.13% to trade around $1,447.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Non Farm Payrolls projected to decline to 180,000 while previous data was 236,000; data will be released tomorrow at 12:30 UTC. United States Unemployment Rate expected to decline to 3.6 while its preceding data was 3.5, data will be available tomorrow at 12:30 UTC.
Platinum reached a significant high of $1,141.5 around 13 days ago but has lost 7% since then.