Platinum Stuck in Tight Range Ahead of US CPI Data

The platinum price has been trading in a tight range ahead of this week's US CPI data. The market expects inflation to cool off slightly, which could keep the Federal Reserve from hiking interest rates in September.

Despite this optimism, investors remain cautious and are not placing huge bets ahead of the crucial inflation numbers. This has led to sideways trading, with platinum stuck between the support level at $1,707 and resistance levels at $1,800 and $1,830.

A breakout above the key resistance levels is likely if CPI confirms cooling inflation, but technical indicators point to stable resistance. If inflation surprises to the upside, it could re-price rate hikes fast, driving a sharp US dollar rebound that drags platinum prices down.