Platinum posts light gains on a low-volatility day, ranging between $1,023.4 – $1,042 and is now at $1,041.3 per troy ounce.

United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected decline to 232,000.

This move comes while some more positive signs for the Platinum future are out as United States Crude Oil Inventories came out at 597,000, better than analyst estimates of -583,000 and improving upon the previous reading of -3.74 million.

Meanwhile, United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%. United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 5%, while the previous figure was 6%.

Chart analysis suggests Platinum could be slowing down soon as it approaches resistance at $1,040.5. Of course, crossing it might suggest further gains are ahead. Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Price action overcame a known Fibonacci resistance level at $1,032.6 by around $8.7 with prices hammering out a $1,023.4 – $1,042 session range. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,051, thereby suggesting that the Platinum future is becoming overvalued.

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

This rally in Platinum's price coincides with other Metals as Gold added 0.83% to its value, now trading at $2,041.8. Silver is up 1.13%. Having closed the previous session at $4.08, Copper is up 0.48% today to currently trade at around $4.1.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Producer Price Index is projected to outperform its last figure with 0.1%, having previously been at -0.1%. The figure will be published today at 12:30 UTC.

Furthermore, the market is looking at tomorrow at 12:30 UTC data for United States Core Retail Sales will be released, with an expected decline to -0.3% from the preceding figure of -0.1%. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 232,000, following on from the preceding figure of 228,000. New data is set to be published today at 12:30 UTC.

The commodity has been trending positively for about a month. The Platinum future is now trading 27.56% above the significant low ($805.5) it slumped to 7 months ago.