Platinum prices have been affected by stochastic negativity this morning, moving toward the support line of the minor bullish channel at $971.00. This suggests that bullish attempts may be postponed until further positive momentum is accumulated.
We expect sideways trading in the short term, with additional negative pressures possibly pushing prices below the current support, leading to losses towards $958.00 and potentially testing the next support at $950.00. However, if platinum prices rally above $983.00, the chances of resuming bullish attempts will increase, targeting $1005.00 as the first positive station.
The expected trading range for today is between $960.00 and $983.00.
Trend Forecast: Bearish Temporarily
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