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PLATINUM: A BREAK OF $1,000 WILL MARK THE BEGINNING OF A BULLISH TREND – ANZ

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Platinum’s price is hovering near a key support level of $900. Economists at ANZ Bank analyze the metal’s technical outlook.

Consolidation near $900

If the price holds above $900, a recovery looks possible towards $936. However, a sustained price above $950 is required to reverse the downtrend that started in late December last year. 

Price near $1,000 is a strong resistance, and a break of this will mark the beginning of a bullish trend. 

On the other hand, if the price breaks below $900, this could trigger a fresh sell-off, dragging prices lower towards $850.

 


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