Precious metals continue to rebound, which is related to a significant decline in US bond yields. The latest data from the US are not impressive, especially today's data from the labor market. Initial applications for unemployment benefit increased to 286,000 which is the highest publication since October, and a bit of a surprise given the recent readings around 200,000. Yesterday, the gold price rose sharply and reached its highest level in 2 months, which also supported other precious metals. Today, platinum is gaining almost 3% and is not only the best performing precious metal, but leads the way in the industrial metal category. It is worth mentioning that platinum is mostly used in industry, primarily in the automotive sector. A very strong demand recovery is expected to take place in 2022.
The price of platinum is breaking above the 38.2% Fibonacci retracement and the downward trendline during today's session. Next major resistance is located around $ 1,150 an ounce. Source: xStation5
Demand for platinum is expected to rebound in 2022, mainly thanks to demand from the automotive sector. On the other hand, demand from the glass industry is expected to be much worse. Source: Platinum Investment
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