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.
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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.