Metals in focus as bullish the Platinum future posts 2.15% gain

Friday at a glance: Platinum closed Friday at $983.9 per troy ounce (with a daily low of $971.2) after ending Thursday at $963.2 and gaining 2.15%.

Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. CME Platinum formed a session range of $971.2 to $990.9 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $977.85. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $986.83, thereby suggesting that CME Platinum is becoming overvalued. Chart analysis indicates Platinum could be slowing down soon as it approaches resistance at $992.8. Of course, crossing it might suggest further gains are ahead.

Overall, while CME Platinum has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

This rally in Platinum's price coincides with other Metals as Silver surges 2.32% Friday and closed at $20.9. Gold soars 1.21% Friday and closed at $1,840.5.

This year has been a gloomy one for the Platinum future after trading as high as $1,168.8 and going on to lose 10.42% of its value.