Platinum dipped to $1,170.30, Aluminum hit 3-year high
Platinum is currently on bearish momentum. On Wednesday, Platinum fell by 6.62% since the last session’s close and traded at $1,170.30.
Platinum is 1.325% up from its trailing 7 days low of $1,155.00, while it’s 5.377% down from its trailing 7 days high of $1,236.80.
Platinum’s last week’s volatility was a positive 0.43%. Meanwhile, last month’s volatility was a negative 0.03%, while and last quarter’s current volatility was a positive 1.89%.
Additionally, Platinum’s current volatility rank, which measures how volatile a financial asset is (variation between the lowest and highest value in a period), last week was 1.01%. In comparison, last month and last quarter’s volatility rank was 1.51% and 1.89%, respectively.
The stochastic oscillator, a useful indicator of overbought and oversold conditions, suggests that Platinum’s commodity is oversold (<=20).
Gold prices were flat on Wednesday, as weakness in the U.S. due to higher inflation was countered by some firming in Treasury yields.
spot gold was flat $1,743.01 per ounce after gaining 0.3%
Meanwhile, spot gold was flat $1,743.01 per ounce after increasing as much as 0.3%. U.S. futures declined by 0.4% and touched $1,741.30 per ounce.
In March, consumer prices in America soared the most in more than 8-1/2 years.
The U.S. dollar dropped to three-week lows, making gold more affordable for holders of other currencies. Meanwhile, a slight surge in Treasury yields boosted the opportunity cost of holding the metal that pays no return.
Moreover, Bullion was also supported by comments from Philadelphia Federal Reserve President Patrick Harker. He announced the Fed will not withdraw its funding just yet, even as the U.S. economy could increase by 5% to 6% in 2021.
According to Avtar Sandu, a senior commodities manager at Phillip Futures, the yellow metal must test the $1,760-mark, a former support turned resistance to attract new bullish-pattern traders and push prices higher.
Furthermore, silver boosted by 0.1% and hit $25.35, while palladium dipped 0.1% to $2,268.63 per ounce. Platinum surged 0.7$ and settled at $1,163.73.
Aluminum hit three-year high
Aluminum rose to the highest in almost three years, leading gains in base metals as Chinese trade data buoyed the outlook for demand.
China’s export momentum remained strong in March after record gains in February, while imports exceeded expectations. The figures suggest that global economic recovery helps spur demand in Asian nations, the top base-metals consumer.
Furthermore, Aluminum for three-month delivery on the London Metal Exchange surged 1.4% to settle at $2 293 a metric ton. It reached $2 304, the highest since June 2018. All other main metals on the LME boosted, with copper up 0.4%.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.