Platinum has been losing ground for 6 days Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. Platinum goes up to $966.8 per troy ounce, having dipped down to $952 earlier.
On the flip side, United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 196,000, falling short of the 190,000 projections and continuing its decline from the previous 183,000 figure.
Platinum broke through the $961.07 resistance, climbing $5.73 above it. The Platinum future made an initial breakout above its 3 day Simple Moving Average at $969.37, a potential indicator of a newly emerging bullish phase. CME Platinum's lower Bollinger Band® is at $948.33, indicating that the market is oversold and fertile for new buyers.
The Platinum future continues to move higher with technical analysis indicating the trend will continue in the short term.
While the Platinum future is higher so far today, these Metals commodities are underperforming: Palladium drops 4.25% to trade around $1,548. Copper is trading around $4.03 (down 6.3 cents).
The commodity has been trending lower for about a month. The current year has not been the best for CME Platinum as it lost 12.41% from its highest point of $1,168.8.