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June 15, 2023
After closing the previous trading day at $984.3, the Platinum future went up to $1,000 only to drop back; still positive overall today, now trading at $999 per troy ounce.
The Platinum future is currently trading at $999 following the release of Initial Jobless Claims data from the United States.
Uptick comes while some more positive signs for CME Platinum are out as highly important Retail Sales data from United States beat analyst expectations of -0.1% with a reading of 0.3%.
On the flip side, new United States Initial Jobless Claims data fell short of the 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000).
Meanwhile, United States Philadelphia Fed Manufacturing Index (Jun) released today at 12:30 UTC with a figure of -13.7, while the previous figure was -10.4.
Platinum made an initial breakout above its 3 day Simple Moving Average at $991.17, a potential indicator of a newly emerging bullish phase. Platinum's lower Bollinger Band® is at $984.22, indicating that the market is oversold and fertile for new buyers. In contrast, after reaching the known resistance zone beginning at $992.47, CME Platinum price action retreated approximately $6.53.
Platinum continues to move higher with technical analysis indicating the trend will continue in the short term.
Rallies can also be seen in other Metals, Copper gained 0.71% and is currently trading at $3.9.
At the same time, after ending yesterday's session at $24.11, Silver lost 17.5 cents and is trading around $23.93.
The commodity has been trending lower for about a month. The Platinum future has fallen back around 13.77% over the past a month, from a notable high of $1,141.5.
