Despite recent weakness in platinum prices, the formation of a minor bullish channel with support at the $963.00 level allows for a continued bullish outlook. The price could potentially target the $1015.00 level, which aligns with the resistance line of the bullish channel and coincides with the 61.8% Fibonacci retracement level.
However, the bullish trend could be at risk if platinum experiences a significant decline below the $950.00 level. A drop below this point would likely signal a shift to a negative trend, with potential targets at $936.00 and $920.00.
For today, the expected trading range for platinum is between $970.00 and $1015.00.
Trend Outlook: Bullish
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