Platinum Price Challenges Key Resistance Level

by Jennifer

The price of platinum has seen an extension in its recent trading, reaching up to the 950.00 mark. This level aligns with the 50% Fibonacci correction level, which has recently emerged as an additional barrier. Sustained fluctuations in price below this critical level could significantly enhance the likelihood of triggering a broader bearish trend.

In the event of a bearish scenario unfolding, we can anticipate potential price targets around the 920.00 and 880.00 levels in the near term.

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Adding to the bearish outlook, the 55-day moving average (MA55) is currently in decline and hovers in close proximity to the aforementioned resistance barrier. This further reinforces the notion of a bearish trend dominating the market.

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For today’s trading, the expected range lies between 950.00 and 920.00, with the overall trend leaning towards a bearish sentiment.

 

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