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June 08, 2023Trading lower, the Platinum future is currently down $9.5 as it ranges between $1,017 and $1,037.5 so far today.
United States's Initial Jobless Claims new data released of 261,000 below its previous figure.
Initial Jobless Claims in United States fell short of market expectations (235,000) with a reading of 261,000, continuing the decline from the previous figure of 233,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of 1 million with a reading of -451,000.
While price action maintains a negative bias, United States Cushing Crude Oil Inventories came out at 1.72 million, while a consensus of analysts was expecting 719,000.
As the trading day comes to an end, chart analysis indicates Platinum could begin to recover as it approaches significant support, now 27 cents away from $1,020.23. Dipping below could be an indication that further losses are ahead. With regards to technical trend indicators, chart analysis show that the Platinum future made an initial break below its 10 day Simple Moving Average at $1,023, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $991.92, a low enough level to, generally, suggest that CME Platinum is trading below its fair value.
Overall, the technical outlook suggests Platinum is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other Metals as Palladium is down $38.5 from the beginning of the session and now trades around $1,349.5.
Though Platinum has been dropping, other Metals have been performing better: having closed the previous session at $23.53, Silver is up 3.49% today to currently trade at around $24.35. Gold is up 1%.
Having soared to a high of $1,141.5 approximately a month ago, the Platinum future is now trading 9.78% lower.
