Platinum price holds above the support – Forecast today – 25-4-2024

Platinum Price Analysis

Despite platinum price facing strong negative pressures recently, caused by the consolidation of the MA55 near the initial barrier $920.00, in addition to stochastic consolidation within the oversold areas, the recent stability above the major support $895.00 decreases the negative effect that might lead to activate the bullish track on the near-term and medium term basis.

• Regaining the bullish bias requires gathering new positive momentum to manage to jump above $920.00 level followed by starting to target many positive stations by moving towards $938.00 and $950.00 levels, while crawling below the major support will force it to resume the decline and suffer big losses that might start at $880.00.

The expected trading range for today is between $895.00 and $920.00.

Trend forecast: Bullish