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Platinum Price Forecast Update – 9-7-2024

Platinum Price Analysis

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Expected Scenario

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Platinum price has broken below the $1,015.00 level decisively and closed below it, indicating potential further decline in the upcoming period. However, it is currently receiving positive support from the EMA50, leading to sideways movement as traders await clearer signals for the next trend direction. Key levels to watch include a breach of $1,015.00 resistance or a break below $983.55 support.

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A breakout above the resistance at $1,015.00 would likely signal a resumption of the bullish wave, targeting levels around $1,042.00 followed by $1,075.00. Conversely, a breakdown below the support at $983.55 would be a bearish signal, potentially pushing the price lower towards intraday losses starting around $950.00.

Expected Trading Range

  • Support: $985.00
  • Resistance: $1,030.00

Trend Forecast: Neutral

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