Platinum prices have recently shown signs of negative momentum, marked by a decline in stochastic indicators below the 50 level. This decline has further reinforced the prevailing bearish trend, with platinum’s value stabilizing near the 925.00 mark. Additionally, the presence of the 55-period moving average near the resistance level at 950.00 confirms the continued adherence to the bearish trajectory.
Market analysts are closely monitoring platinum’s performance, expecting a potential new negative wave to emerge, aiming to test lower price levels. The bearish stations are projected to commence from 880.00 and potentially reach the 61.8% Fibonacci correction level at 855.00.
For the day, traders are advised to consider a trading range between 940.00 and 880.00, with a persisting bearish sentiment prevailing in the platinum market.
