Platinum prices have displayed intraday volatility, as they persistently resist downward pressure, partly attributed to a recent stochastic surge, which propelled it towards the 80 level. This resilience has kept the precious metal fluctuating above the supplementary support level at 855.00, with the current price hovering near 885.00.
Despite these fluctuations, it’s essential to note that the primary bearish channel remains intact, with significant resistance located at 935.00. This reinforces our bearish outlook, as we anticipate the build-up of further negative momentum. Should this occur, there is the potential for renewed pressure on the 855.00 support level, and a breach of this could trigger a continued descent towards 820.00, ultimately aiming for the bearish channel’s support at 765.00.
Today’s projected trading range is expected to oscillate between 905.850 and 850.00, and the prevailing trend for the day remains bearish.
