Platinum’s price has begun a downtrend, capitalizing on persistent negative influences, with recent movements pushing it down to the 907.00 level, as depicted in the provided chart. Analysts anticipate this bearish momentum to persist, exerting pressure on additional support at 880.00. Should this support be breached, there is a likelihood of further downward movement towards the 61.8% Fibonacci level at 850.00, establishing it as the next primary target for bearish trading.
It is crucial to note that maintaining a position below the 950.00 barrier holds significant importance. This stance is instrumental in reducing the likelihood of a trend reversal in the current trading environment, thereby mitigating unexpected losses before reaching the projected bearish targets.
For today’s trading outlook, experts anticipate a range bound between 925.00 and 880.00, with a prevailing bearish sentiment characterizing the day’s trend.
