Platinum bounces on the intraday basis– Analysis – 13-1-2017

Platinum price failed to provide positive close above the barrier at 980.00, which forces it to form an intraday negative rebound, to settle above the moving average 55, which makes us wait for gathering the bullish momentum again, which assists to achieve the required breach, then reaching the next positive target at 1020.00.

Stochastic surpass to the overbought level represents the main factor for the price current fluctuation, which opens the way towards gaining the required momentum in the near period, and the stability of the support level at 950.00 is important to avoid any attempt for changing the main trend in the upcoming period. 

Expected trading range for today is between 960.00 and 1020.00

Expected trend for today: Bullish