In today’s platinum price analysis for April 16, 2024, the metal has experienced repeated negative closings below the $987.00 barrier. This has led to a postponement in the anticipated bullish attack, resulting in mixed trades with the current price hovering near $965.00. The decline in the stochastic indicator below the 50 level further confirms the sideways bias of the price.
Maintaining support above $950.00 is crucial to reducing the likelihood of a negative downturn and potential losses. However, for the bullish scenario to materialize, the price must successfully surpass the $987.00 barrier and sustain its position above it. This would facilitate the achievement of additional positive targets around $1015.00 and $1042.00.
Today’s expected trading range is projected to be between $960.00 as support and $985.00 as resistance.
