Platinum prices have once again resumed their bearish trajectory, breaking the critical level of 898.00 and securing a negative close within the established bearish channel outlined on the chart. This reaffirms the influence of the negative trend, with indications pointing towards reaching the initial target at 880.00.
The confirmation of the bearish momentum relies on the stability of the 23.6% Fibonacci correction level at 908.00, which will serve as a key factor in blocking trades within the established bearish track. This confirmation sets the stage for anticipating further negative momentum, supported by signals from major indicators. The next potential downside targets include 856.00, followed by a revisit to the previous low at 840.00.
Today’s projected trading range is expected to fluctuate between 900.00 and 856.00.
The prevailing trend for today is anticipated to be bearish, with a focus on the continued downward movement in platinum prices.