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Platinum Price Is Affected by Indicators’ Contradiction – Forecast for July 2, 2024

Platinum Price Analysis:

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Expected Scenario:

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Platinum price has experienced a setback due to conflicting signals from technical indicators. The stochastic indicator shows negativity, while the MA55 provides additional support at 963.00$. This contradiction has delayed the anticipated bullish rally, leading to sideways trading below the 983.00$ level.

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Continuous fluctuations below the 1015.00$ barrier increase the likelihood of reactivating a corrective bearish trend. This bearish scenario could result in significant losses, with the price potentially falling towards the 948.00$ support level, followed by a further decline to the next support at 925.00$.

Expected Trading Range:

Today’s anticipated trading range for platinum spans from support at 948.00$ to resistance at 990.00$.

Trend Forecast: Bearish

In summary, the forecast for platinum indicates a bearish trend due to the current contradiction between stochastic indicators and MA55 support. Traders should closely monitor the key support and resistance levels to navigate potential market fluctuations effectively, with an emphasis on the possibility of further declines if the price remains below the 1015.00$ barrier.

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