Platinum Price Forecast: Price Searches for Support Before Next Rally
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Key Points:
- Platinum remains under short-term pressure amid a stronger U.S. dollar, higher Treasury yields, and inflation risks.
- The long-term outlook remains constructive as supply concentration, PGM tightness, and industrial demand continue to support the platinum market.
- Platinum is now trying to form a bottom, but the next move depends on whether key support levels can hold during the current consolidation phase.
Platinum (XPL) prices remain under pressure on concerns of higher Middle East tensions and a stronger U.S. dollar. The price failed to break the short term resistance at $2,170 in May and is now testing important support levels. In my view, this correction sets the stage for the next rally. This article discusses the macro factors, the long-term trend in platinum, short-term support levels and the key risks that may shape the next move in platinum.