The current technical outlook could gradually be reflecting the fundamental market situation where the platinum market supply in 2025 is estimated to be the lowest in the last five years.
The current price of platinum is $1042.50 and trading well above the rising 40 week moving average of $966. Recent technical indications seem to suggest that this market is set to break out of its recent trendless state which is reflected in the all-time low in the weekly Bollinger bandwidth reading of 32.00.
The Gold/Platinum ratio which recently hit an all-time high of 3.56 has since declined sharply and is now trading at 3.16. The 14 week relative strength index on the Platinum/US$ chart has broken above its negative trend and currently is at 62%. Initial upside resistance is seen at $1152, which is the Fibonacci 23.6% retracement for the high based on the entire $1335 to $558 range traded since March 2020.
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