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June 29, 2023
Having ended the last trading session at $924.9, CME Platinum dropped to $897 today, hitting its lowest point in 4 months. Later, it recovered $7.8 and is now trading at $904.8.
United States's Pending Home Sales new data released of -2.7% below its previous figure.
Highly important Pending Home Sales data from United States beat analyst expectations of -0.5% with a reading of -2.7%.
On the flip side, highly important GDP data from United States beat analyst expectations of 1.4 with a reading of two. United States Initial Jobless Claims beat analyst expectations of 266,000 and the previous reading of 265,000 with new data of 239,000.
Despite being in the red so far in the current trading session, Platinum peaked above its 5 day Simple Moving Average around $928.14 — typically an early indicator of a new bullish trend beginning to emerge. The Platinum future's lower Bollinger Band® is at $894.14, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. In contrast, although the Platinum future is down today and was as low as $897, it seems to be recovering slightly and climbing away from the $909.2 support line and is now $4.4 above it.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Platinum is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other Metals as after ending yesterday's session at $23.08, Silver lost 29.4 cents and is trading around $22.79. Palladium closed at $1,226 (down 1.68%). Copper closed at $3.7 (down 0.7%).
Furthermore, United States Core PCE Price Index (MoM) (May) is expected tomorrow at 12:30 UTC.
The commodity has been trending lower for about a month. 2 months ago Platinum reached a significant high of $1,141.5 but has consequently lost 19% since then.
