Platinum prices have closed lower, falling below the $950.00 level. The decline is influenced by persistent negative factors, including the $983.00 level, which remains a significant resistance barrier. Additionally, the 55-day moving average (MA55) near $970.00 is providing further resistance to bearish movements.
Currently, stochastic indicators are in the oversold territory, suggesting the potential for further declines. We expect the price to attempt reaching the $931.00 support level, with a break below this level indicating a move toward new lows, targeting $920.00 and $908.00.
The anticipated trading range for today is between $958.00 and $920.00.
Trend Forecast: Bearish
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