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June 05, 2023While CME Platinum is on a 4 day bullish trend, Today's session might suggest a slow down — the Platinum future trades at $1,009.5 per troy ounce, after ending Friday at $1,010.
United States Services PMI is next today at 13:45 UTC.
Concerning technical analysis and more specifically, trend indicators, 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. Asset volatility analysis shows that the Platinum future's upper Bollinger Band® is at $1,094.4 and the lower is $990.86.
Overall, while CME Platinum has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Metals as Gold is up 0.58%. Palladium goes down 0.92% to trade around $1,374.
Furthermore, the market is looking at United States Services PMI figure is projected at 55.1. It previously stood at 53.6; data will be released today at 13:45 UTC. United States ISM Non-Manufacturing PMI (May) is scheduled for today at 14:00 UTC. United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 16:00 UTC.
The Platinum future reached a significant high of $1,141.5 around a month ago but has lost 11.53% since then.
