After eight days of declines, Platinum is up $11.4 today

After closing the previous trading day at $926.9, the Platinum future is up to $938.3 per troy ounce, which makes for a move of 1.23%/$11.4 today.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to momentum evaluation, the Relative Strength Index indicates CME Platinum is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Japanese candlestick formations show 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end. According to asset volatility analysis, CME Platinum's lower Bollinger Band® is at $915.09, indicating that the market is oversold and fertile for new buyers.

All in all, the technical analysis suggests CME Platinum has no clear-cut direction.

A look at other Metals also shows upside as Silver leaps up 2.15% to trade around $22.84. Gold is up 0.52%.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Consumer Confidence is projected to outperform its last figure with 104. It previously stood at 102.3; data will be released tomorrow at 14:00 UTC.

Elsewhere, United States Building Permits is scheduled for tomorrow at 12:00 UTC. United States New Home Sales (May) is expected tomorrow at 14:00 UTC.

The commodity has been trending lower for about a month. The Platinum future reached a significant high of $1,141.5 around 2 months ago but has lost 18.8% since then.