Platinum sheds $5.2 to trade around $986.8 per troy ounce

CME Platinum is down to $986.8 per troy ounce, after ending Friday at $992. Overall, a 0.52% loss or $5.2 today.

Trend and momentum analysis indicates that 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 Bollinger Bands® shows an indication of recovery: the lower band is at $976.7, a low enough level to, generally, suggest that Platinum is trading below its fair value.

With market volatility ebbing, the current technical outlook indicates the Platinum future will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other Metals as after ending Friday's session at $3.89, Copper lost 2.75 cents and is trading around $3.86. After ending Friday's session at $1,416.2, Palladium lost $13.7 and is trading around $1,402.5. Gold closed at $1,966 (down 0.27%).

Furthermore, United States Building Permits (May) scheduled to come out tomorrow at 12:30 UTC.

The commodity has been trending lower for about a month. Having soared to a high of $1,141.5 approximately a month ago, the Platinum future is now trading 13.1% lower.