Platinum’s price has experienced a massive decline due to decreasing interest from investors. As a result, it reached a new 52-week low last week. However, the bears appear to be taking a breather on Monday as the precious metal was up $12 from its last weekly close till press time.
The hawkish statements from the US Fed Chair and his colleagues last week caused headwinds in the prices of precious metals. Additionally, the market of gold and other metals lie unusually dormant on Monday as the US CPI figures are anticipated tomorrow.
It seems that XPT/USD has breached the bottom of the $910-$1102 trading range that I have identified in my previous analysis. Presently, the metal sits 6.2% below $910, as investors’ appetite for risk grows. At press time, Platinum is priced at $854 after rising 1.5% from last week’s close.
I expect Platinum to head for $825, which is the 2022 low and lies in the demand zone of $790-$825. To avoid the Platinum price prediction from turning even more bearish, the bulls need to orchestrate a bounce from this demand zone in the coming days.
This post was last modified on Nov 13, 2023, 13:18 GMT 13:18