The pair took advantage of the Stochastic indicator’s positive momentum to form a new series of bullish corrective waves, reaching around 211.50. This keeps the pair within its main bearish trend, which remains intact as long as the resistance level at 212.00 holds.
The price now needs fresh negative momentum to form new bearish waves, allowing it to settle below 210.40 and then attempt to put pressure on the support barrier at 209.10. On the other hand, breaking above the resistance and holding there would give the pair an opportunity to achieve notable gains, initially targeting 212.85 and 213.55.
The expected trading range for today is between 210.75 and 212.00
Trend forecast: Fluctuating
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Platinum prices ended their latest bearish wave after touching $1418.00, bringing them close to the first additional target at $1400.00. The price then rebounded to settle near the resistance barrier at $1440.00, supported by stochastic stability above the 20 level.
MoreCopper prices continued to face negative pressure around the 55-moving average level at $6.3800, as the price attempts to find a way to resume the corrective moves previously anticipated, which are primarily based on the stability of the resistance barrier at $6.6100.
More(ETHUSD) rose in its latest intraday trading, driven by positive signals emerging from the relative strength indicators after the price managed to offload some of its overbought conditions, enabling it to achieve these gains. However, the main short-term bearish trend remains dominant, with price movements tracking a descending trend line that supports this path and limits the chances of a full recovery in the near term. This is particularly evident as the price is currently encountering resistance at EMA50, threatening to reverse these gains to the downside.
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