Having ended the last trading session at $952.9, CME Platinum dropped to $927 today, hitting its lowest point in 3 months. Later, it recovered $2.2 and is now trading at $929.2.

United States's Crude Oil Inventories new data released of -3.83 million below its previous figure.

Crude Oil Inventories in United States fell short of market expectations (1.87 million) with a reading of -3.83 million, continuing the decline from the previous figure of 7.92 million. New United States Initial Jobless Claims data fell short of the 260,000 projected by analysts with a reading of 264,000 while failing to improve upon the previous reading from last month (264,000).

Meanwhile, United States Existing Home Sales (May) came out at 4.3 million, while a consensus of analysts was expecting 4.25 million.

Following today's trading session, chart analysis suggests Platinum could begin to recover as it approaches significant support, now $15 away from $944.2. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that 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. According to momentum evaluation, the Relative Strength Index indicates Platinum is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Analysis based on the asset volatility indicates that the Platinum future's lower Bollinger Band® is at $945.36, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

With market volatility ebbing, the current technical outlook indicates the Platinum future will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other Metals as Palladium is down $62.8 from the beginning of the session and now trades around $1,281.5. After ending yesterday's session at $1,945, Gold lost $20.5 and is trading around $1,924.5. Silver is down to $22.43, losing 37.5 cents, after closing at $22.81 in the preceding trading session.

Furthermore, United States Services PMI is expected tomorrow at 13:45 UTC.

The commodity has been trending lower for about a month. Platinum has fallen back around 16.52% from the significant high of $1,141.5 set 2 months ago.