Is it the end of Platinum's rally? After five days of gains, it is down by 0.81% today

The Platinum future weakened earlier in the day, before moving away from its $1,106.2 low and recovering back to $1,110 per troy ounce.

United States Producer Price Index didn't cause a noticeable effect even though it falls short expectations with 0.2%.

Highly important Producer Price Index data from United States beat analyst expectations of 0.3% with a reading of 0.2%. Following a previous reading of 242,000, Initial Jobless Claims in United States released today at 12:30 UTC fell short of the 245,000 figure expected by analysts with an actual reading of 264,000.

On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of -917,000 with a reading of 2.95 million.

Platinum made an initial break below its 3 day Simple Moving Average at $1,108.57, a possible indication of a forthcoming negative trend. The Platinum future's upper Bollinger Band® is at $1,144 which indicates a further downward move may follow. Despite this, CME Platinum could begin to recover as it approaches significant support, now $1.3 away from $1,111.3. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Platinum to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Platinum is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other Metals as Silver is trading around $24.54 (down $1.12). Copper closed at $3.7 (down 3.79%). Gold closed at $2,026.4 (down 0.53%).

The past 3 months have been positive for the Platinum future as it added 18.49% compared to its 3-month low of $805.5.