Platinum (XPL) has recovered towards $1,700 an ounce as the US dollar and US Treasury yields eased. But upcoming US inflation data will test the rebound and shape expectations for the December rate hike. The weak car sales in China and the shift towards battery vehicles also raise concerns about demand. Platinum still lags gold (XAU) and trades below resistance at $1,770. In my view, a break above this level and stronger performance against gold would support the move towards $1,900. This article presents the key market drivers, technical levels and risk of supply that may shape the next move in platinum.
Platinum Price Forecast: China Car Sales Slump Clouds $1,900 Target
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Key Points:
- US inflation data could shape platinum’s next move.
- Weak car sales in China raise concerns about platinum demand.
- A break above $1,770 could open the way towards $1,900.