Platinum prices have encountered a formidable obstacle in their upward trajectory, failing to sustain a bullish momentum. The market has witnessed a series of negative closures beneath the critical resistance level at 992.00. Consequently, this bearish development has led to a retracement towards the 960.00 level, where the Moving Average 55 (MA55) serves as an additional support, bolstering the case for bullish prospects.
Market analysts anticipate a phase of mixed sideways trading, with particular attention to the persistently negative momentum as indicated by stochastic indicators. This prevailing bearish sentiment may exert further downward pressure, possibly leading to a gradual descent towards the 50% Fibonacci correction level situated at 948.00. A breach of this level could extend the downside movement towards 923.00 and ultimately 990.00.
Market participants should be prepared for potential price oscillations, with the anticipated trading range for the day spanning between 950.00 and 980.00.
Projected Market Trend for Today: Sideways
