Platinum touched the $1385.00 level during its latest bearish move before being supported by positive stochastic momentum, pushing it back above $1440.00, which had recently acted as a key barrier against further declines. The price has now begun recovering previous losses, surging toward $1525.00.

 

The price’s approach toward the additional resistance at $1550.00 prompts us to wait for the next four-hour candle close to confirm the expected direction for the near-term trades. Holding below this barrier would give the price an opportunity to renew its bearish attempts, initially targeting $1470.00 and $1440.00, However, breaking above this barrier would increase the chances of forming new bullish corrective waves, targeting $1595.00 and $1640.00.

 

The expected trading range for today is between $1470.00 and $1560.00

 

Trend forecast: Bearish