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May 04, 2023
While on an 11 day downtrend, dropping a total of 7.39%, More of the same today: after closing at $1,061.8 yesterday, CME Platinum opened today at $1,068, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, CME Platinum retains a distinct $1,052 to $1,073.8 daily range.
United States's Initial Jobless Claims new data released of 242,000 below its previous figure.
United States Initial Jobless Claims published today at 12:30 UTC came out at 242,000, falling short of the 240,000 projections and continuing its decline from the previous 229,000 figure. Highly important Crude Oil Inventories data from United States beat analyst expectations of -1.1 million with a reading of -1.28 million.
While price action maintains a negative bias, United States Interest Rate came out at 5.25, while a consensus of analysts was expecting 5.25.
Despite being in the red so far in the current trading session, Platinum peaked above its 3 day Simple Moving Average around $1,075.53 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $1,029, a low enough level to, generally, suggest that CME Platinum is trading below its fair value. The Platinum future could begin to recover as it approaches significant support, now $5.57 away from $1,051.63. Dipping below could be an indication that further losses are ahead. Despite this, price action remains constrained around the key Fibonacci level of $1,056.59 currently serving as support. If price action breaks below, the next Fib hurdle is $1,036.53.
Overall, looking at the technical analysis landscape, it seems CME Platinum —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
Positive performances can be seen by looking at other Metals markets as Gold is up 0.3%. Silver is up 0.58%.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 236,000. United States Unemployment Rate projected to come out at 3.6 — worse than previous data of 3.5; data will be released tomorrow at 12:30 UTC.
Having soared to a high of $1,141.5 approximately 13 days ago, Platinum is now trading 7% lower.
