After a mostly steady day, CME Platinum loses $22.8 late into the session, trading at $1,023.2 per troy ounce.
Platinum is currently trading at $1,023.2 following the release of New Home Sales (Dec) data from the United States.
On the flip side, United States Core Durable Goods Orders released today at 13:30 UTC is better than expected at -0.1% but down from preceding data of 0.1% according to new data. Highly important GDP data from United States beat analyst expectations of 2.6 with a reading of 2.9.
While price action maintains a negative bias, United States New Home Sales (Dec) released today at 15:00 UTC with a figure of 616,000, while the previous figure was 602,000.
Platinum made an initial break below its 50 day Simple Moving Average at $1,033.83, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $1,027, market bears have earmarked $1,011 as the next downside target. Platinum has just crossed the lower Bollinger Band® at $1,026.53, indicating further losses could be forthcoming.
Overall, looking at the technical analysis landscape, it seems Platinum is likely to start pointing downward in the short term.
In the meantime, negative performances are also seen in other Metals as Gold is trading around $1,927.3 (down $15.3). Palladium decreases 0.88% to trade around $1,673.
Though Platinum has been dropping, other Metals have been performing better: Copper increases 0.45% to trade around $4.26.
Some optimism can drawn from the fact that United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC.
Furthermore, United States Core PCE Price Index (MoM) (Dec) is scheduled for tomorrow at 13:30 UTC.
The current year has not been the best for Platinum as it lost 4.41% from its highest point of $1,168.8.