Platinum prices have experienced a negative close below the resistance of the bearish channel, situated at 906.00. This has led to the formation of downward waves, with the price settling near 892.00. This confirms the resurgence of bearish sentiment in the market.
Major indicators are providing negative momentum, further indicating the potential for additional bearish attempts. These attempts may target the 880.00 level, followed by the 855.00 levels in the near term, which has acted as a robust barrier against recent downward moves.
The projected trading range for today is expected to oscillate between support at 880.00 and resistance at 905.00.
In summary, the prevailing trend for today is expected to be bearish, with platinum prices exhibiting strong negative momentum and the potential for further declines.
