Platinum recovers from last week's sell-off
Platinum is trading 5% higher today, or almost $60 per ounce. Precious metal recovered over 60% of a loss made during the sell-off last week, when price dropped below $1,200. Spiking US yields were the prime driver behind the plunge - 10-year yield jumped above 1.5% last week. Interestingly, the US dollar stays relatively muted to the rising yields as Fed stays reluctant to hike interest rates saying that current inflation concerns may be premature. All precious metals are trading over 1% higher today with platinum being top gainer.
Platinum bounced off the 23.6% retracement of the last major upward impulse. Current recovery looks similar to the one from December or January. Moveover, the uptrend structure with correction of equal size remains intact, thanks to today's jump. Source: xStation5
