Platinum price suffers additional losses – Forecast today – 24-4-2024

Suggested Scenarios and Trading Range Analysis

1. Scenario: Potential Reversal to Bullish Momentum

   The platinum price continued its correctional bearish waves yesterday, experiencing significant losses as it reached $901.45. However, it rebounded positively, influenced by stability above the major support level at $895.00. Additionally, stochastic indicators have exited the oversold areas.

   • Instability may arise due to the contradiction of the MA55, which consolidates near $920.00.
   • Initial barrier stability may increase, leading to renewed correctional negative attempts.
   • If the price manages to surpass $920.00 and holds above it, bullish momentum may be activated.
   • Targets for the bullish track include positive stations starting at $938.00 and $950.00.

Expected Trading Range for Today

Between $920.00 and $905.00.

Trend Forecast: Bearish