Recently, the price of platinum resumed its powerful negative waves, crawling under 925.00 and touching the 915.60 mark. This confirmed the price's submission to the bearish bias's dominance.
Our ability to indicate a more bearish bias and predict that 885.00 will be the next station is due to the stability of the primary barrier at 965.00 as well as the significant indicators that contribute to the negative momentum.
The anticipated price range for today's trade is 935.00 and 885.00.
The price of platinum experienced a volatile day in the market, with a decline to 901 before bouncing back to 952. This kind of price action is not uncommon in the precious metals market, where prices can be influenced by a variety of factors such as supply and demand, geopolitical tensions, and global economic conditions.
At the opening of the market, the decline in platinum prices could be attributed to several factors. One of the major reasons could be the strengthening of the US dollar, which typically has a negative impact on the price of precious metals. Additionally, concerns about the Omicron variant of COVID-19 and its potential impact on the global economy may have also weighed on platinum prices.
However, as the day progressed and US traders became more active, the sentiment towards platinum turned bullish. This could be due to several reasons such as positive economic data or an increase in demand for platinum in the automotive industry. Platinum is a crucial component in catalytic converters, which are used to reduce harmful emissions from cars, trucks, and other vehicles.
In conclusion, the fluctuations in platinum prices are a common occurrence in the precious metals market, and can be influenced by a variety of factors. While short-term price movements may be difficult to predict, it is essential to keep a close eye on market trends and global economic conditions to make informed decisions when investing in precious metals.
Today's anticipated trend is bearish.
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