Platinum underwent a corrective bullish phase in the previous session, witnessing an upward surge towards 868.00 and settling above the crucial 61.8% Fibonacci correction level. This upward movement was influenced by the stochastic indicator exiting the oversold territories, effectively postponing the anticipated negative downturn.
Contrastingly, the overarching stability within the established bearish channel, coupled with the sustained presence of the key resistance level at 892.00, prompts a cautious stance as we await the accumulation of additional negative momentum. This accumulation is deemed necessary to facilitate the resumption of a negative trajectory, with downside targets set at 845.00, followed by 825.00 in the near term.
For today’s trading activities, the projected trading range is anticipated to fluctuate between 880.00 as resistance and 850.00 as support. The prevailing trend for the day is expected to remain bearish, emphasizing the importance of a watchful approach in response to the evolving market dynamics.
