The price of platinum has once again tested the $983.55 level and is currently encountering solid support. Traders are observing closely for a potential break below this level, which would confirm a continuation of the bearish bias with an initial target set at $950.00.
Conversely, breaching the resistance at $1016.00 would invalidate the expected decline, potentially triggering recovery attempts and initiating a bullish wave targeting $1040.00.
Today’s anticipated trading range is between $960.00 and $1000.00.
Trend Forecast: Bearish
Market participants are advised to monitor price movements around the key support and resistance levels to assess the likelihood of further downward movement or a reversal in platinum prices.
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