Platinum ended its recent bearish wave after encountering a historic support level near $1505.00, which has proven to be a strong barrier against further declines, forcing the price to enter sideways trading around $1525.00.

 

The near-term trading scenario depends on the current support holding firm. If the price remains above this level, it is expected to begin forming bullish corrective waves, targeting $1560.00 and $1600.00. However, a break below support, followed by stability beneath it will expose the price to further losses, initially toward $1480.00 and then $1440.00.

 

The expected trading range for today is between $1500.00 and $1600.00

 

Trend forecast: Bullish