Platinum settles within the bearish channel – Analysis – 5-6-2017

Platinum price remains affected by the contradiction between the main indicators until this moment, but its stability below the bearish channel’s resistance at 970.00 for today, which makes us keep preferring the dominant negativity in the near and medium period, the stability of the price below the moving average 55 increases the negative pressure to keep waiting for strong negative attack, to attempt to reach 885.00 level, which forms the first main target in the near period.

We should mention that the price attempt to get rid of the dominant negativity, which opens the way towards forming new bullish attack, note that surpassing 980.00 level will ease its attraction to 1040.00 level reaching to 38.2 % Fibonacci correction level near 1080.00.

Expected trading range for today is between 920.00 and 885.00

Expected trend for today: Bearish