End of rally? After three days of gains, CME Platinum is down $19.8 today

Published: January 25 2023, 21:11 GMT+0

End of rally? After three days of gains, CME Platinum is down $19.8 today

Platinum is sharply lower after losing $19.8, declining as low as $1,047 per troy ounce.

Following a previous reading of 8.41 million, Crude Oil Inventories in United States released today at 15:30 UTC fell short of the 971,000 figure expected by analysts with an actual 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. United States Cushing Crude Oil Inventories released today at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

Taking a look at other Metals commodities, negative performances are evident as Palladium is down $41 from the beginning of the session and now trades around $1,694.5.

Though the Platinum future has been dropping, other Metals have been performing better: having closed the previous session at $1,935.4, Gold is up 0.59% today to currently trade at around $1,947. Silver is up 1.16% to $24.02.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market 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. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 205,000 from the preceding figure of 190,000.

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

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