CME Platinum is grinding lower from $903.7 to $901.2 per troy ounce, shedding $2.5 (0.28%) today.
After hitting an important low of $805.5 approximately 15 days ago, the Platinum future has bounced back 12.19% since.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Platinum's upper Bollinger band is at $918.03 which indicates a further downward move may follow. A study of Platinum's chart reveals various key levels to watch: Platinum could begin to recover as it approaches significant support, now $19.03 away from $882.17. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests Platinum is likely to remain muted for the immediate future, with no clear-cut direction.
Taking a look at other Metals commodities, negative performances are evident as Silver withdraws 0.67% to trade around $19.14. Gold is trading around $1,672 (down $5.3). Copper closed at $3.48 (down 0.42%).
CME Palladium is slightly up to $2,263.5 extending bullish run
After closing at $2,256 today, the Palladium future began today at $2,333.5 with significant bullish sentiment driving the Palladium future's price action higher. So far today, price action has drawn out a distinct $2,202 to $2,339 range.
- The Palladium future has gained $220.4 over the past 8 days, and today's session seems to be adding to the current uptrend.
Although up today, early price action saw Palladium dropping below its 3 day Simple Moving Average at $2,238.63 — an early indicator that a new downward trend could be emerging. Bollinger band analysis indicates that current price action is approaching the upper band at $2,307.48, thereby suggesting that the Palladium future is becoming overvalued.
Technical analysis suggests there could be an imminent reversal for CME Palladium.
A look at other Metals also shows upside as having closed the previous session at $3.5, Copper is up 1.23% today to currently trade at around $3.54. Having closed the previous session at $20.54, Silver is up 0.69% today to currently trade at around $20.68. Gold is up 0.24%.
The past 3 months have been positive for CME Palladium as it added 20.93% compared to its 3-month low of $1,593.
Risk-off mood drags the Platinum future 0.33% lower
A quick look at Friday: down on the day: CME Platinum closed at $857.4 per troy ounce after ranging between $852.1 and $875.8.
- Friday's fall came on the back of a 4 day uptrend, during which the Platinum future added 1.24% to its value
CME Platinum has recovered 6.79% since descending to a significant low of $805.5 around a month ago.
Platinum could begin to recover as it approaches significant support, now $9.67 away from $847.73. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, the Platinum future peaked above its 21 day Simple Moving Average around $870.55 — typically an early indicator of a new bullish trend beginning to emerge.
Despite suffering losses in today's session, technical analysis is indicating that CME Platinum will undergo a significant bounce in the immediate term.
The Platinum future's value drop coincided with the fact that Palladium lost 1.9% Friday and closed at $2,211. Copper slumps 0.86% Friday and closed at $3.42.
Though CME Platinum has been dropping, other Metals have been performing better: Silver added 1.62% and closed around $18.71 Friday.
Bullish sentiment helps propel the CME Silver future to 1.62% gain
A quick look at Friday: with a daily low of $18.75, CME Silver closed Friday at $19 per troy ounce, after ending Thursday at $18.71 and gaining 28.8 cents (1.62%).
- Friday's gains added to the CME Silver future's 4 days uptrend, during which it increased a total of 37.5 cents.
6 months ago the CME Silver future reached a significant high of $26.89 but has consequently lost 30.4% since then.
Silver made an initial breakout above its 50 day Simple Moving Average at $19.18, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $18.75 to $19.3, Fibonacci-inclined Silver traders were highly concentrated around active Fibonacci resistance at $18.82.
Overall, looking at the technical analysis landscape, it seems CME Silver might continue pointing upwards in the short term.
Though the CME Silver future is going up, other Metals are underperforming — Palladium lost 1.9% Friday and closed at $2,211. Copper lost 0.86% Friday and closed at $3.42. After ending Friday's session at $871.3, Platinum lost $5.3 and is trading around $866.