Platinum news: strong uptrend persists — RSI remains extremely overbought amid supply deficit

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Platinum Slides 0.82% Today

Highlights

Platinum (XPT) trades at $1,617.75, down 0.82% today, but remains well above its MA-20 ($1,518.20), MA-50 ($1,424.17), and MA-200 ($1,210.50), confirming a strong bullish trend.
Platinum prices are up nearly 80% year-to-date driven by robust industrial and investment demand amid a pronounced supply deficit and increased substitution in jewelry.
Momentum indicators show mixed signals with RSI extremely overbought at 81.96 and intraday bearish movement, but the probability of further price increases exceeds 80% barring a break below $1,582.40 support.

Supply deficit and industrial demand drive price rally amid shifting sentiment

Recent trading in platinum is driven by a sustained rally, with prices up nearly 80% this year as resurgent industrial and investment demand meets a pronounced supply deficit. Market sentiment is also influenced by factors such as platinum's rising use as a substitute in jewelry and by broader economic themes supporting precious metals. While gold's record highs and central bank policy add some context, platinum’s structural demand and supply dynamics are the dominant force supporting its move.

Uptrend challenged by overbought indicators and increased intraday volatility

The nearest dynamic support for XPT is the Ichimoku Kijun level at $1,501.15, with the closest resistance now at the $1,650 round number as the price is above all major moving averages. Momentum indicators are mixed: the MACD indicates a bullish trend while ADX points to selling pressure; the RSI is extremely overbought at 81.96, with Stoch RSI neutral but close to overbought, CCI also supporting overbought conditions. BBP and the Awesome Oscillator are both neutral. Intraday bearish movement is visible, as the price sits near the session’s low of $1,604.10 amid high volatility, but the broader uptrend persists despite conflicting momentum signals.

Upside bias persists unless resistance breaks as pullback risk stays limited

In the short term, XPT is expected to trade within a $1,582.40 to $1,619.50 range over the next five trading days. The probability of a further price increase exceeds 80%, favoring a sideways move around $1,600 unless resistance at $1,619.50 is decisively broken, which would open the way for new highs. If support at $1,582.40 fails, the risk of a deeper pullback increases but remains less likely given the dominant uptrend.

Anton Kharitonov, expert at Traders Union, sees the technical uptrend in platinum as intact, but notes an overextended set of momentum indicators and elevated volatility that call for increased caution. While he acknowledges the persistent strength in fundamental demand and a supportive structural deficit, he remains skeptical of further upside unless key resistance is convincingly broken. Kharitonov emphasizes that price action favors a sideways bias near $1,600, but warns that breakdowns below $1,582.40 could accelerate a pullback. "Until platinum clears $1,619.50 on strong volume, I see no compelling bullish setup and prefer to remain on the sidelines for now."

Source of Data: XPT Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.