Platinum jumps 6% above $2,000 as deficit fuels rally
On Friday, platinum jumped more than 6%, breaking above the $2,000 per ounce level and reaching $2,070. The return to growth followed reports of a platinum supply deficit that is expected to persist this year, as well as the metal’s undervaluation relative to gold.
After reaching record highs in late January, platinum gradually declined, establishing a key support zone between $1,800 and $1,850. The latest rebound from this area on February 6 triggered a 6% rally, bringing prices to the first resistance at the 20-day simple moving average (SMA) near $2,096, where platinum is currently trading.
Platinum 4-hour chart. Source: TradingView
However, the sustainability of a breakout above this level remains uncertain, as technical indicators such as RSI and MACD are neutral or signal weak momentum. As a result, the most likely short-term scenario is consolidation within the $2,020–$2,120 range, which could set the stage for a move toward the next major resistance zone around $2,200–$2,370.
A bearish reversal scenario, meanwhile, would involve a break below the psychological $2,000 level and a renewed test of support near $1,850.
Market moving Ttoward balance
Given the three-year platinum deficit, tight supply conditions, and rising industrial demand, consolidation or a bullish scenario may appear more likely.
However, the World Platinum Investment Council forecasts that in 2026 total platinum supply will increase by 4%, while demand will decline by 6%, potentially bringing the market into balance with a surplus of around 20,000 ounces.
As we wrote, Platinum drops below $2,000, enters key support zone
Latest Platinum News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
