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May 25, 2023
The Platinum future has been losing ground for 3 days Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. Currently trading at $1,032 per troy ounce, CME Platinum remains range-bound between $1,020.8 and $1,037.4.
United States Pending Home Sales didn't cause a noticeable effect even though it falls short expectations with 0%.
Platinum upside coincides with further encouraging market factors as data for United States GDP released today at 12:30 UTC is better than expected with 1.3, but worse than previous figure of 2.6. United States Initial Jobless Claims released today at 12:30 UTC is better than expected at 229,000 but down from preceding data of 225,000 according to new data.
On the flip side, United States Pending Home Sales released earlier showed a marked improvement to 0% from the preceding data of -5.2%, but fell short of the 0.5% figure forecast by a consensus of market analysts.
Technical analysis trend indicators suggest 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. CME Platinum failed to break through the $1,036.53 Fibonacci resistance level. According to asset volatility analysis, CME Platinum's lower Bollinger Band® is at $1,028.48, indicating that the market is oversold and fertile for new buyers. Technical chart analysis shows Platinum could be slowing down soon as it approaches resistance at $1,060.2. Of course, crossing it might suggest further gains are ahead.
Overall, the technical outlook suggests Platinum is likely to remain muted for the immediate future, with no clear-cut direction.
This rally in CME Platinum's price coincides with other Metals as Copper is up 1.26% to $3.61.
Though CME Platinum is going up, other Metals are underperforming — Gold is down $16.9 from the beginning of the session and now trades around $1,947.7.
Furthermore, the market is looking at tomorrow at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to 0% from the preceding figure of 0.2%.
Also worthy of note, United States Core PCE Price Index (MoM) (Apr) is expected tomorrow at 12:30 UTC.
The Platinum future has fallen back around 9.81% over the past a month, from a notable high of $1,141.5.
