Platinum prices reached $980.00 yesterday, approaching the anticipated target, but have since declined, settling below the 55-day moving average (MA55). This shift indicates the metal’s surrender to negative pressures, further exacerbated by the stochastic oscillator falling below the 50 mark.
Ongoing negative pressures suggest that the price may resume its bearish trend. Immediate support is expected at $942.00, with a potential decline extending towards $920.00 and $907.00 if this level is breached.
The anticipated trading range for today is between $942.00 and $965.00.
Trend Forecast: Bearish
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