Platinum price faced fresh negative pressure, causing it to incur some losses after touching the $1675.50 level before attempting to test the broken support positioned near $1705.00. We note that a negative close below this support would confirm the price’s readiness to form strong bearish waves, with expectations of initially targeting $1660.00 before attempting to reach the next target at $1605.00.

 

As for confirming a recovery of the uptrend, the price would need to stage a strong bullish surge and stabilize above the barrier at $1840.00. This would pave the way for further gains, with the price gradually targeting $1880.00 and $1950.00.

 

The expected trading range for today is between $1660.00 and $1740.00.

 

Trend forecast: Bearish