End of rally? After three days of gains, CME Platinum is down $19.1 today

Published: January 25 2023, 20:30 GMT+0

End of rally? After three days of gains, CME Platinum is down $19.1 today

Platinum crashes after losing $19.1, breaking down to $1,047.7 per troy ounce.

Highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000.

While price action maintains a negative bias, United States 5-Year Note Auction released today at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. Fresh Cushing Crude Oil Inventories data from United States came out at 4.27 million.

In the meantime, negative performances are also seen in other Metals as after ending yesterday's session at $1,735.5, Palladium lost $44.5 and is trading around $1,691.

Positive performances can be seen by looking at other Metals markets as Gold gained 0.53% and is currently trading at $1,945.7. Having closed the previous session at $23.75, Silver is up 1.08% today to currently trade at around $24.

Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of -0.2%, following on from the preceding figure of 0.1%. New data is set to be published tomorrow at 13:30 UTC. United States GDP expected to decline to 2.6 while its preceding data was 3.2, data will be available tomorrow at 13:30 UTC. United States Initial Jobless Claims projected to come out at 205,000 — worse than previous data of 190,000; data will be released tomorrow at 13:30 UTC.

The Platinum future hit a significant low of $805.5 around 4 months ago, but has since recovered 32.44%.

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