Platinum’s recent price action continues to reflect a bearish sentiment, marked by a recent close below the key resistance level of 922.00, residing outside the main bearish channel. This development underscores the market’s readiness to embark on renewed downside attempts in both the near-term and medium-term periods.
It is worth noting that the initial downside targets for platinum are situated in the vicinity of 880.00, with further emphasis on achieving the 61.8% Fibonacci correction level at 855.00.
However, in the event of a shift in market dynamics, characterized by the emergence of new bullish pressures leading to a rally above the aforementioned resistance, this would indicate a shift towards a more bullish trajectory. In such a scenario, traders can anticipate the commencement of a series of positive milestones, commencing at 934.00 and extending towards 950.00.
The expected trading range for today is projected to fluctuate between 915.00 and 880.00.
Current Market Trend Outlook: Bearish
