The current price of platinum is $993 per ounce and trading above its 200 day moving average of 963. The price currently moves within a symmetrical triangle formation with resistance at $1062 and support at $872.
The weekly Bollinger Bandwidth is at a ten year low and suggests that potential for a sudden explosive move is existent. The Gold to platinum ratio is currently at all-time highs around the 3.03 level, far away for the 2008 level of 0.4430.
The low supply to demand ratio for current physical delivery suggests that this market could well be rigged, similar to the silver market spoofing case where in the year 2020 a US bank agreed to pay $920 Million in connection with schemes to defraud precious metals and U.S. treasuries markets.
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