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February 26, 2023Friday at a glance: the Platinum future slid into the red after losing $36.1 and ending the session at $909.4 per troy ounce.
Platinum could begin to recover as it approaches significant support, now $16.27 away from $893.13. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, CME Platinum peaked above its 200 day Simple Moving Average around $948.08 — typically an early indicator of a new bullish trend beginning to emerge. The Platinum future's lower Bollinger Band® is at $888.16, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, it seems CME Platinum —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
Platinum's value drop coincided with the fact that Silver falls 2.65% Friday and closed at $21.44. Copper drops 2.37% Friday and closed at $4.06. Palladium is down to $1,406, losing $24.7, after ending the previous session around $1,430.7.
Looking ahead, ongoing depreciation may be prolonged as tomorrow at 15:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 1% from the preceding figure of 2.5%.
Some optimism can drawn from the fact that United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released tomorrow at 13:30 UTC.
The commodity has been trending lower for about a month. So far this year, CME Platinum has declined 16.48% while touching highs around $1,168.8 earlier this year.
