After dropping down to $1,094.5, the Platinum future recovers some losses and is currently trading at $1,106.7 per troy ounce.

CME Platinum is currently trading at $1,106.7 following the release of Philadelphia Fed Manufacturing Index (Apr) data from the United States.

This uncertain state for the Platinum future is reflected by published market data as Crude Oil Inventories in United States fell short of market expectations (-1 million) with a reading of -4.58 million, continuing the decline from the previous figure of 597,000. United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 3.92, while the previous figure was 3.909. United States Cushing Crude Oil Inventories came out at -1 million, while a consensus of analysts was expecting 622,000.

Chart analysis suggests Platinum is approaching key support, around $25.5 away from $1,081.2. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that according to technical analysis of the Platinum future's Relative Strength Index (RSI), the market is currently overbought. According to asset volatility analysis, CME Platinum's upper Bollinger Band® is at $1,108.53, suggesting that a downward move may follow.

Overall, while Platinum has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Meanwhile, mixed performances are seen in other Metals as Copper is down 3.9 cents from the beginning of the session and now trades around $4.04. Gold moves up 0.43% to trade around $2,016.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Existing Home Sales (Mar) will be released today at 14:00 UTC.

The commodity has been trending positively for about a month. The Platinum future hit a significant low of $805.5 around 7 months ago, but has since recovered 37.27%.