Platinum Price Range-Bound Ahead of US Inflation Data Release
Investors are bracing for the release of US inflation data on Wednesday, which could impact the Federal Reserve's decision on interest rates. The platinum price has remained range-bound ahead of this key event, with traders cautious but also aware of the fear of missing out (FOMO) if a breakout occurs.
The platinum market has been bolstered by eased bets for a September rate hike, which has softened the US dollar and supported precious metals. However, there is still risk that inflation data could surprise to the upside, causing the Fed to re-price higher rates and sending the USD higher.
Technical analysis suggests that platinum's price action remains confined between $1,790 and $1,707, with support near the 50-day EMA at $1,707. A breakout above $1,800 could lead to further gains, but a decline below $1,707 may activate support levels at $1,675 or lower.