A technical look at PLATINUM

Precious metals are pulling back today with rising US yields being the main driver of the move. Yields are on the rise as negotiators are struggling to reach an agreement on the US debt ceiling. Failure to reach a deal could see the United States run out of funds to service its obligations, including bonds. Having said that, it should not come as a surprise that there is a rather strong downward pressure on US bonds, and therefore upward pressure on yields.

PLATINUM is the worst performing precious metal today, dropping almost 3% at press time. Taking a look at the chart at D1 interval, we can see that price plunged through the $1,040 support zone and a 50-session moving average. This is an interesting technical development as the aforementioned $1,040 area also marked the neckline of a double top pattern. In theory, such a downside breakout flashes a bearish signal and a textbook range of this breakout suggests a possibility of an over-6% drop from current prices - to $955 area.

However, bears should note that price would need to break below an important support zone in order to reach the range of double top pattern - $975 area, marked with precious price reactions as well as the 200-session moving average (purple line).

Source: xStation5

6 November 2025, 19:23

Daily summary: Optimism on Wall Street eases again🗽US Dollar drops from recent highs

6 November 2025, 18:48

Coffee futures drop as huge Brazilian shipping to Europe eases supply concerns

6 November 2025, 18:36

Cocoa falls 3% amid improving crops in West Africa

6 November 2025, 16:03

Oil continue the downfall amid rising OPEC production 📉 Saudi Arabia cuts prices

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A technical look at PLATINUM

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