Struggling to find upward momentum, CME Platinum has shed $3 to currently trade at $959.5 per troy ounce as it ranges between $956.9 and $962 so far today.
On the flip side, data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 2.59 million, beating projections of 1 million and showing improvement over the preceding figure of -1.73 million.
While price action maintains a negative bias, United States New Home Sales (Sep) came out at 603,000, while a consensus of analysts was expecting 585,000. United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 4.192, while the previous figure was 4.228.
The Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Having crossed the upper Bollinger Band® at $955.27, CME Platinum could be headed for an upward correction.
Despite suffering losses in today's session, technical analysis is indicating that Platinum will undergo a significant bounce in the immediate term.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to -5% from the preceding figure of -2%. As things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of 0.2%, following on from the preceding figure of 0.3%. New data is set to be published today at 12:30 UTC.
Some optimism can drawn from the fact that United States GDP is projected to outperform its last figure with 2.4. It previously stood at -0.6; data will be released today at 12:30 UTC.
Having set a significant high of $1,168.8 a month ago, Platinum is trading 19.49% lower.