The pair has maintained its bearish stance, once again posting a negative close below the key 180.80 barrier. The price is currently fluctuating sideways near 179.00 as it attempts to counter the intraday positive momentum from the Stochastic indicator, increasing the chances of gathering fresh bearish momentum.
We expect that once the price successfully gathers bearish momentum, it will begin targeting the downside levels, initially moving toward 177.90, before attempting to reach further bearish targets at 177.35 and 176.70.
The expected trading range for today is between 177.90 and 179.65.
Trend forecast: Bearish
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There is no change to the pair’s bearish path, as it continues to post repeated negative closes below the 210.40 barrier. The price is currently showing temporary sideways trading around 208.80, affected by conflicting signals from the main indicators, particularly as the Stochastic indicator approaches the 80 level.
MoreDespite platinum price continuing to trade sideways recently, its repeated hold above the $1,705.00 support level, along with stochastic attempting to provide positive momentum, may increase the chances of renewed upward attempts, with the price currently stabilizing near $1,780.00.
MoreCopper price managed to hold above the 55-period moving average, which formed an additional support level at $6.2500. This has led to the beginning of some gains, with the price currently advancing toward $6.4150.
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