Platinum is forced to decline on the intraday basis– Analysis – 10-1-2018

Platinum price provided new negative close yesterday below 966.00 level, which forms the main barrier against resuming the bullish attack, which forces it to provide bearish correctional trading as appears in the above image, besides the continuation of the barrier make us to prefer more of the negativity in the near period, to expect targeting 920.00 level, which forms an extension of strong support as appears in the above image.

Stochastic surpass to the overbought level confirms the bearish bias domination in the current period, to ease the attempt to reach the suggested target, while the price rally above the current barrier will cancel the negative overview, opening the way towards resuming the positivity, which might target 980.00 level initially.

Expected trading range for today is between 966.00 and 920.00

Expected trend for today: Bearish