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Platinum Price Maintains Positive Momentum

by Jennifer

The price of platinum has sustained its positive trajectory, remaining above the MA55 indicator. Recent sessions have witnessed continued favorable closures around 980.00, indicating an intent to resume its bullish surge with a target set at the resistance of 992.00. Should this level be surpassed, it would further bolster the prospects of a renewed upward movement, as it aligns with the consolidation within the established bullish channel. This sets the stage for a potential advance towards the 1015.00 mark, followed by an anticipated reach towards the 38.2% Fibonacci correction level situated around 1040.00.

Nevertheless, the scenario could shift, and a reversal to bearish trends might emerge if the price retreats beneath the support line at 950.00. Such a downturn could prompt evident losses, potentially pushing the price downwards to around 923.00 and 905.00.

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As trading unfolds, the projected range for the day lies between 960.00 and 992.00, while the dominant trend is anticipated to remain bullish.

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