Platinum prices have recently touched the 887.00 level and subsequently entered a period of temporary sideways fluctuation. This pause in price movement appears to be an attempt to gather fresh negative momentum, potentially signaling the continuation of bearish sentiment in the upcoming trading sessions.
Notably, the persistent stability of platinum prices below the 50% Fibonacci correction level at 950.00, combined with continuous indications of negative momentum from major technical indicators, reinforces the prevailing negative pressures on the precious metal. As a result, market expectations lean towards a further decline, with the potential for platinum to dip below the 880.00 mark and subsequently aim for the next downside target at 855.00.
For today’s trading, the expected range is anticipated to be situated between 920.00 as resistance and 870.00 as support. This range serves as a crucial zone for traders to monitor for potential breakouts or reversals.
In summary, platinum prices are currently consolidating as they catch their breath, with a bearish trend expected to persist based on technical signals and negative sentiment in the market.
