Chart of the day - PLATINUM (08.02.2021)

Platinum is the best performing precious metal today, jumping almost 3%. Price of the commodity has broken above its 2021 peak at $1158 today. US dollar weakening is the main driver behind recent rally in precious metals. However, platinum may also be gaining on the back of an improved outlook for the global economy as this precious metal is also being used in industry. A near-term resistance level to watch can be found in the $1,172 area - local peaks 2015 and 2016 as well as the 161.8% exterior retracement of last week's correction.

Platinum gains almost 3% and breaks above the 2021 peak at $1,158. Source: xStation5

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