Bearish the Platinum future currently $12.4 lower after trading as low as $1,065.8

CME Platinum drops from $1,082.6 to $1,070.2 per troy ounce, losing $12.4 (1.15%) today.

Platinum is currently trading at $1,070.2 following the release of Existing Home Sales (Apr) data from the United States.

On the flip side, highly important Initial Jobless Claims data from United States beat analyst expectations of 254,000 with a reading of 242,000.

Amid the market gloom, United States Existing Home Sales (Apr) came out at 4.28 million, while a consensus of analysts was expecting 4.3 million. United States Philadelphia Fed Manufacturing Index (May) released today at 12:30 UTC with a figure of -10.4, while the previous figure was -31.3.

Support/Resistance levels obtained from chart analysis indicate that Platinum could begin to recover as it approaches significant support, now $1.43 away from $1,068.77. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note that Platinum made an initial break below its 3 day Simple Moving Average at $1,072.47, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $1,072.8 currently serving as support. If price action breaks below, the next Fib hurdle is $1,056.59. Analysis based on the asset volatility indicates that CME Platinum's lower Bollinger Band® is at $1,040.61, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Notwithstanding the Platinum future's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

In the meantime, negative performances are also seen in other Metals as Gold is down $22.4 from the beginning of the session and now trades around $1,962.6. Copper draws back 1.65% to trade around $3.69. Silver closed at $23.66 (down 0.99%).

Furthermore, United States Fed Chair Powell speech is scheduled tomorrow at 15:00 UTC.

The Platinum future has fallen back around 5.16% from the significant high of $1,141.5 set 27 days ago.