Platinum prices have retreated below the $983.00 level, signaling a return to sideways trading. The move comes amid mixed technical signals, particularly the stochastic indicator’s exit from overbought territory, which has contributed to downward pressure toward the $975.00 mark.
The formation of a lower high compared to previous peaks suggests the potential development of a bearish trend. Analysts now anticipate a test of the 55-day moving average near $961.00, followed by a possible decline toward key support at $950.00 if bearish momentum persists.
Conversely, a sustained close above the $1,000.00 threshold would signal a return to bullish momentum.
The expected trading range for Wednesday is between $961.00 and $990.00, with the near-term trend outlook leaning bearish.
