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

22 October 2025, 6:42 PM

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22 October 2025, 3:30 PM

BREAKING: Oil inventories fell despite increase expectations. WTI trades below 59 USD

22 October 2025, 9:26 AM

Chart of the day: GOLD (22.10.2025)

commodities
technical analysis

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A technical look at PLATINUM

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