Neutral
Platinum price remains range-bound ahead of US CPI data release
Platinum prices have been consolidating in a defined range as investors await the upcoming US Consumer Price Index (CPI) data. The market has eased expectations for a September Federal Reserve rate hike following weaker-than-expected jobs data, which has kept the US dollar soft and provided support for platinum. Technical analysis indicates support near the 50-day Exponential Moving Average (EMA) at approximately $1,707 and resistance levels at $1,790, $1,800, and $1,830. A breakout above $1,800 could gain momentum if the CPI data confirms cooling inflation.
Key points
- Platinum prices have been trading within a defined range ahead of the US CPI data release.
- Eased expectations for a September rate hike have kept the US dollar soft, providing support for platinum.
- Technical analysis shows support near the 50-day EMA at $1,707 and resistance levels at $1,790, $1,800, and $1,830.
- A breakout above $1,800 could gain momentum if the CPI data confirms cooling inflation.
Sources
AI-generated from public news sources. Not financial advice.
