Platinum Price Edges Higher Amid Eased Hike Bets Ahead of US CPI Data

Platinum price trading remains cautious ahead of the US CPI data release on Wednesday. Despite eased bets for a September rate hike by the Federal Reserve, investors remain reluctant to place huge bets due to the fear of missing out from a possible breakout.

The platinum price has edged slightly higher amid the softened expectations for a Fed rate hike, but remains range-bound between $1,707 and $1,790. The technicals indicate that a breakout above $1,800 is likely, with momentum expected if CPI confirms cooling inflation.

Ahead of the US inflation data, the market's focus has shifted to the Federal Reserve's rate path, with investors keenly awaiting the release of the consumer price index figures. This comes after the surprise jobs data that pushed the US dollar to its lowest level since mid-June, adding to the downward revision of job gains recorded over the previous two months.

While a breakout above $1,800 is expected, the technicals point to stable resistance levels at $1,790 and $1,830. The medium-term 50-day EMA remains above the short-term 25-day EMA since the formation of the bearish death-cross pattern in mid-March.