Platinum price (XPT/USD) is having a correction today as the DXY index rebounded after hitting its lowest level since 11 August. Other metals, including Silver and Copper, also experienced an increased selling pressure on Wednesday but Gold still showed minor gains till press time.
At the time of writing, Platinum stood above the $935 level after a 0.45% drop in today’s session. However, the outlook is still positive as the stock seems to have reclaimed a key level on the chart. If the broader market sentiment remains bullish, metals may continue to rally in the coming weeks.
Most analysts are betting on the rates to remain the same in the coming months. The recent slowdown in inflation appears to have put more rate hikes off the table. This is also evident from the CME Fed Watch Tool which is showing only a 1.5% chance of another rate hike in December’s FOMC meeting.
As mentioned earlier, a reclaim of the previous range lows around $910 is giving a very bullish outlook to the Platinum price prediction. Unless the price breaks below this level, the probability remains of another bullish leg till the range mids which lies just above $1,000.