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.
Platinum Price Forecast: Can Bulls Break $1,900 Despite Surplus?
By:
Key Points:
- Tight inventories support platinum despite WPIC’s projected surplus.
- Hot US inflation could raise Fed rate-hike expectations and pressure platinum.
- A confirmed break above $1,900 could open the way toward $2,300.