Platinum price remains within a phase of sideways fluctuation, displaying a lack of negative momentum at present. It is currently trading near the 895.00 mark, and the Moving Average 55 (MA55) has reached the resistance zone within the bearish channel, situated at 930.00. This situation reinforces the notion that the market is predominantly constrained within the realm of bearish sentiment, increasing the potential for an eventual gathering of negative momentum.
Subsequently, the market may embark on a journey towards lower price levels, with initial focus on downside targets around 875.00. This could be followed by a push towards the additional support located at 855.00, which holds significance in shaping the future direction of trading.
Additionally, the stochastic indicator is making attempts to generate negative momentum as it positions itself below the 80 level. Such a move aligns with our bearish perspective for the short-term and medium-term horizons. It enhances the probability of breaching the 855.00 level, which serves as the pivotal juncture for reinitiating bearish trades.
For today’s trading activity, it is reasonable to anticipate a range bound by the upper boundary at 905.00 and the lower level at 855.00. The prevailing trend appears tilted towards the bearish side, reflecting the current market sentiment.
