The price of platinum has recently encountered a setback, largely attributable to the steadfastness exhibited by the Moving Average 55 (MA55), which has acted as a formidable obstacle around the 930.00 level. This resistance has thwarted attempts to resume a bullish assault, resulting in a decline below the 910.00 threshold and reestablishing a bearish trajectory.
To confirm the resurgence of a bearish bias, a further descent beneath the 895.00 level is necessary. This move would pave the way for the formation of robust bearish movements, with potential downside targets set at 880.00 and 855.00. However, should the price fail to breach the 895.00 level, it may lead to a period of mixed trading, restricting price action within the confines of this support and the 920.00 level.
For the current trading day, the expected price range is projected to oscillate between 910.00 and 880.00.
As we assess the prevailing market dynamics, the anticipated trend for today is predominantly bearish.
