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