Platinum (XPL) prices remain under bearish pressure as the increase in oil prices and expectations of further rate hikes by the Fed weigh on sentiment. The strong factory activity in China offers some support but the weak consumer spending leaves the demand outlook uncertain. The price remains below $1,700 as traders assess US yields and the US dollar. In my view, the strong recovery in platinum requires lower oil prices and easing rate expectations. This article examines the main economic drivers, key technical levels and signals from the platinum-to-silver ratio that could shape the next move in platinum.
Platinum Price Forecast: Oil Above $110 Keeps Fed Hike Risks in Focus
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Key Points:
- Rising oil prices and Fed rate hike risks keep platinum under pressure.
- A break above $1,750 could open the way towards $1,900.
- A platinum-to-silver ratio above 29 could signal further outperformance by platinum.