The price of platinum has exhibited a subdued trading pattern, characterized by repeated consolidation in the vicinity of the 890.00 level. This is indicative of an effort to gather fresh negative momentum, aligning with the overarching bearish channel. The persistence of the key resistance at 925.00 solidifies the prevailing negative sentiment, with expectations of an impending decline to around 855.00. A successful breach of this barrier could further extend losses, potentially targeting 810.00, followed by a subsequent objective at 780.00.
Notably, the stochastic oscillator is indicating the formation of negative momentum, nearing the 50 level, reinforcing the likelihood of a continuation of the bearish trend, aiming for the anticipated negative price levels.
The projected trading range for the day is expected to fluctuate between 905.00 and 855.00, signifying the range of potential price movements. The prevailing trend for the day is bearish.
