CME Platinum has been up for six days in a row, gaining $5.5 to reach $978.9.

After closing the previous trading day at $973.4, the Platinum future is up to $978.9 per troy ounce, which makes for a move of 0.57%/$5.5 today.

The Platinum future is currently trading at $978.9 following the release of Building Permits (Feb) data from the United States.

Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,006.75, thereby suggesting that Platinum is becoming overvalued.

The Platinum future is likely to reverse course and start pointing downward in the short term.

This rally in CME Platinum's price coincides with other Metals as Silver is up 0.58%. Gold moves up 0.2% to trade around $1,935.2.

Approximately 2 months ago, CME Platinum reached a significant high of $1,104.4 but has struggled to hold onto its gains and declined 11.86% since then.