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June 01, 2023
Currently trading at $1,013.6 per troy ounce, the Platinum future remains range-bound between $1,004 and $1,021.8.
New United States Crude Oil Inventories improved upon the previous -12.46 million figure while also exceeding analyst expectations with a reading of 4.49 million.
Platinum upside coincides with further encouraging market factors as highly important Crude Oil Inventories data from United States beat analyst expectations of -1.10 million with a reading of 4.49 million. Data for United States Initial Jobless Claims released today at 12:30 UTC is better than expected with 232,000, but worse than previous figure of 230,000.
At the same time, United States ISM Manufacturing PMI (May) came out at 46.9, while a consensus of analysts was expecting 47.
Concerning technical analysis and more specifically, trend indicators, 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. Price action remains constrained around the key Fibonacci level of $1,004 currently serving as resistance. If broken, the next Fib hurdle is expected to be $1,036.53. According to asset volatility analysis, Platinum's lower Bollinger Band® is at $995.14, indicating that the market is oversold and fertile for new buyers. Technical chart analysis shows the Platinum future price action is currently oscillating around the $1,020.53 resistance level with prices moving above and below several times during the session.
With market volatility ebbing, the current technical outlook indicates Platinum will remain range-bound for the immediate future.
This rally in Platinum's price coincides with other Metals as Copper gained 2.16% and is currently trading at $3.72. Silver goes up 1.62% to trade around $23.97. Having closed the previous session at $1,359, Palladium is up 2.91% today to currently trade at around $1,398.5.
Also worthy of note, as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 180,000, following on from the preceding figure of 253,000. New data is set to be published tomorrow at 12:30 UTC. United States Average Hourly Earnings projected to come out at 0.4% — worse than previous data of 0.5%; data will be released tomorrow at 12:30 UTC. Projections for United States Unemployment Rate are set for a continuation of decline with 3.5 while previous data was 3.4; data will be released tomorrow at 12:30 UTC.
The Platinum future has fallen back around 12% over the past a month, from a notable high of $1,141.5.
