End of rally? After three days of gains, the Platinum future is down $2 today

Published: January 26 2023, 07:15 GMT+0

End of rally? After three days of gains, the Platinum future is down $2 today

Platinum is down to $1,044 per troy ounce, after ending yesterday at $1,046. Overall, a 0.2% loss or $2 today.

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

Meanwhile, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released yesterday 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 Silver goes down 0.51% to trade around $23.82.

Positive performances can be seen by looking at other Metals markets as Palladium is up 0.72%.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of 0.1%; data will be released today at 13:30 UTC.

Moreover, United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC.

Furthermore, United States Core PCE Price Index (MoM) (Dec) is expected tomorrow at 13:30 UTC.

CME Platinum hit a significant low of $805.5 around 4 months ago, but has since recovered 29.87%.

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