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Platinum prices have recently experienced temporary downward pressure, driven by a stochastic exit from overbought conditions. Currently, the metal is showing sideways movement near the 55-day moving average (MA55) at $970.
Despite these short-term fluctuations, the overall bullish outlook remains intact. As long as platinum prices stay above the critical support level of $935, the expectation is for a buildup of positive momentum. A successful breach of the $983 resistance could pave the way for prices to target new highs, potentially reaching $1010 and $1042.
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For today, analysts forecast that platinum prices will trade within a range of $955 to $1000.
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Trend Forecast: Bullish
