Platinum is trading over 3% higher today after a test of an important support level at $1,000 per ounce. Industrial metals and silver gain as well signalling that markets are once again focusing on prospects of returning economic growth. Interestingly, recent bounce in US yields may also be supportive for the industrial metals. Traders should keep in mind that Joe Biden is expected to propose details of its economic package on Thursday. Markets hope for a significant stimulus to be delivered.
Platinum is one of the top performing commodities today. Precious metal recovers from a short-term sell-off after a test of the support at $1,000. Local peaks from 2015 near the $1,200 mark could be a short-term target for platinum. Industrial metals are also recovering. Source: xStation5
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