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HomeLatestPlatinum Price Needs New Momentum – Forecast for July 1, 2024
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Platinum Price Needs New Momentum – Forecast for July 1, 2024

Platinum Price Analysis

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The platinum price has consolidated near the $983.00 support line, leading to temporary sideways fluctuations. This is attributed to stochastic indicators currently crawling below the 50 level, suggesting the price may continue trading sideways until additional positive momentum is gathered. This momentum is needed to activate a bullish rally and exert pressure on the $1015.00 barrier. Surpassing this level could pave the way to reach new positive targets at $1042.00 and $1067.00.

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However, breaking below the current support and settling there would likely postpone the bullish rally and activate a correctional bearish trend, targeting $965.00 and $949.00 initially.

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Expected Trading Range

Market analysis suggests a trading range with support at $983.00 and resistance at $1015.00 for the immediate trading sessions.

Trend Forecast: Bullish

The trend forecast remains bullish for platinum prices in the near term, contingent on gathering sufficient positive momentum.

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