Platinum drops below $2,000, enters key support zone
On Thursday, platinum prices fell by 11%, sliding to $1,950 per ounce. The sell-off in XPT was amplified by a broader decline across precious metals following recent highs, a stronger U.S. dollar, and relative calm on the geopolitical front. Recent U.S. labor market data has increased expectations of future interest rate cuts, a factor that tends to support risk assets.
After reaching recent highs in the $2,300–$2,800 range, platinum has dropped below the psychological $2,000 level and entered a correction phase as the market reassesses the direction of further price movement. XPT is currently trading near a strong support zone between $1,900 and $1,950, a level that could trigger a sharp rebound if it holds.
Bulls and bears pause
As seen on the daily chart, platinum is currently trading between short-term moving averages (SMA 20 and SMA 50) and long-term ones (SMA 100 and SMA 200). RSI is recovering from oversold territory and moving toward a neutral position, while on the 4-hour chart it is approaching a zone where a potential shift in momentum may occur. MACD shows negative compression at -14.
4-hour platinum price chart. Source: TradingView
Given these technical conditions, further consolidation within the $1,880–$2,030 range appears the most likely scenario. However, if global uncertainty increases and demand for safe-haven assets strengthens, a renewed break above $2,000 cannot be ruled out, with a potential test of the next key resistance zone at $2,100–$2,150, where previous corrections originated.
On the other hand, weaker industrial demand for platinum, easing global tensions, and continued U.S. dollar strength could intensify selling pressure. In that case, a breakdown below the $1,850–$1,880 and $1,750–$1,780 support levels would be significant and could signal the continuation of the bearish trend.
As we wrote, Here’s why platinum is surging
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