During a 3 day uptrend, CME Platinum gained a total of $73.5, or 5.18%. Bucking the trend and turning lower, the Platinum future is grinding lower from $954.6 to $926.7 per troy ounce, shedding $27.9 (2.92%) today.
Meanwhile, United States Services PMI released today at 13:45 UTC with a figure of 46.6, while the previous figure was 49.3. United States Composite PMI came out at 47.3, while a consensus of analysts was expecting 49.3. United States Manufacturing PMI came out at 49.9, while a consensus of analysts was expecting 51.
Platinum made an initial break below its 200 day Simple Moving Average at $947.8, a possible indication of a forthcoming negative trend. The Platinum future is currently flirting with an active Fibonacci support level around $933.6. CME Platinum's upper Bollinger Band® is at $949.47 which indicates a further downward move may follow. Despite this, CME Platinum could begin to recover as it approaches significant support, now $21.87 away from $904.83. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for the Platinum future.
Taking a look at other Metals commodities, negative performances are evident as after ending Friday's session at $3.47, Copper lost 3.9 cents and is trading around $3.44. Palladium is down to $1,967.5, losing $38, after closing at $2,005.5 in the preceding trading session.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Consumer Confidence data is projected to fall short of market expectations with newly published data of 106.5, following on from the preceding figure of 108. New data is set to be published tomorrow at 14:00 UTC.
The Platinum future hit a significant low of $805.5 around a month ago, but has since recovered 18.51%.