The platinum market is currently experiencing negative pressure, despite maintaining stability above the critical support level of 898.00. Weak bullish attempts are evident, influenced by the presence of the MA55, which acts as an additional barrier at 932.00. Moreover, stochastic indicators are consolidating within the oversold areas, intensifying the downward pressures on the ongoing trades.
The sustained support at the 898.00 level is seen as a determining factor that could lead to sideways trading until there is a decisive gathering of positive momentum. This, in turn, would facilitate the activation of a bullish trajectory, targeting key levels at 950.00 and 983.00. However, the situation remains delicate, and a breach of the key support line, with a settlement below it, would confirm the surrender to a prevailing bearish bias, possibly resulting in significant losses in the forthcoming period.
Investors and traders are advised to closely monitor the technical indicators and price movements, as the market navigates through its current challenges. The anticipated trading range for the day is expected to fluctuate between 900.00 and 930.00, reflecting the current uncertainty in platinum prices.
In summary, while the expected trend for today is labeled as “bullish,” it is essential to exercise caution due to the prevailing technical challenges and the potential for the market to shift under the influence of key support and resistance levels.