The Platinum future up $11.2 to $959.8 building up on its five days of gains

Overall, the Platinum future had a 1.18% move or $11.2 today and is currently trading at $959.8 per troy ounce.

United States FOMC Meeting Minutes is next today at 19:00 UTC.

At the same time, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.

The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. Despite this, the Platinum future price action is currently oscillating around the $947.27 resistance level with prices moving above and below several times during the session.

Overall, looking at the technical analysis landscape, it seems the Platinum future might continue pointing upwards in the short term.

Rallies can also be seen in other Metals, Gold goes up 0.41% to trade around $1,850.

At the same time, Copper slides down 0.8% to trade around $4.19.

Furthermore, the market is looking at tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. United States Initial Jobless Claims projected to come out at 200,000 — worse than previous data of 194,000; data will be released tomorrow at 13:30 UTC.

Elsewhere, United States GDP is expected tomorrow at 13:30 UTC.

The commodity has been trending lower for about a month. The current year has not been the best for Platinum as it lost 13.81% from its highest point of $1,168.8.