The price of platinum yesterday succumbed to repeated negative pressures, breaking the stable support level at $1950.00, signaling its readiness to resume the corrective decline by currently settling near the first additional target at $1910.00.

 

The stochastic indicator is observed to be positioned in the oversold area, which further increases bearish pressure on today’s trading, raising the chances of targeting additional downside levels as the price is drawn toward $1865.00. A break below this level could extend losses toward $1820.00 and $1780.00 respectively.

 

On the other hand, a break above the stable barrier near $2080.00 would cancel the negative outlook and open the door for a renewed upward move in the upcoming sessions.

 

The expected trading range for today is between $1865.00 and $1950.00

 

Trend forecast: Bearish