Metals in focus as bullish Platinum posts 0.57% gain

After dipping down to $934, Platinum regains earlier losses and goes up to $951.3 per troy ounce.

United States Initial Jobless Claims data will be released today at 13:30 UTC, with an expected decline to 195,000.

Nevertheless, United States Crude Oil Inventories published yesterday at 15:30 UTC came out at -1.69 million, falling short of the 395,000 projections and continuing its decline from the previous 1.17 million figure.

Meanwhile, United States JOLTs Job Openings (Jan) released yesterday at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million. United States ADP Nonfarm Employment Change (Feb) came out at 242,000, while a consensus of analysts was expecting 200,000.

Platinum made an initial breakout above its 200 day Simple Moving Average at $946.71, a potential indicator of a newly emerging bullish phase.

Overall, looking at the technical analysis landscape, it seems Platinum might continue pointing upwards in the short term.

A look at other Metals also shows upside as having closed the previous session at $1,818.6, Gold is up 0.21% today to currently trade at around $1,822.4.

Furthermore, the market is looking at tomorrow at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 205,000 from the preceding figure of 517,000. Today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 190,000.

Furthermore, the market is looking at United States Unemployment Rate is expected tomorrow at 13:30 UTC.

So far this year, Platinum has declined 14.31% while touching highs around $1,168.8 earlier this year.