Platinum (XPL) dropped toward $1,700 on Tuesday as higher oil prices raised concerns about inflation and another rate hike by the Fed. Treasury yields above 5% and a strong US dollar further increased the pressure on the platinum market. Traders now await US inflation data, the jobs report and factory survey from China for clues about the next move. In my view, platinum needs to break above $1,900 to continue the positive trend. This article presents the main market drivers, key price levels and ratio signals that could shape the next move in platinum.
Platinum Price Forecast: Fed Hike Bets Pressure Prices Below $1,700.
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Key Points:
- Platinum fell toward $1,700 as expectations of another Fed rate hike rose.
- A monthly close below $1,700 could bring $1,530 into view.
- A break above $1,900 would strengthen the case for a move toward $2,170.