Platinum Price Forecast: Can Bulls Break $1,900 Despite Surplus?
Platinum approaches $1,900 resistance as tight inventories support prices, while a projected surplus and Fed rate risks could limit the recovery.
Platinum (XPL) consolidates below $1,900 as investors weigh tight inventories against weak investment and consumer demand. WPIC expects a surplus of 265,000 ounces in 2026. This mainly reflects investment outflows rather than strong supply growth. But the high Treasury yields, weak Chinese demand and rising oil prices create downside risks. The $1,900 resistance now holds the key to the next move. In my view, the outlook remains bullish above $1,700 but platinum must break $1,900 to target $2,200-$2,300. This article examines the latest macro developments and technical structures to understand the next move in platinum.