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Platinum posted a sharp 4.8% gain on Tuesday, closing at $1,042 and clearing a key resistance zone near $1,010. The move follows renewed supply concerns tied to the ongoing Russia-Ukraine conflict, as the EU and UK imposed new sanctions on Moscow. Russia is a major producer of platinum and palladium, and prolonged geopolitical tensions are raising fears of tighter supply.
From a technical standpoint, platinum broke decisively above the $1,010 resistance area, with the 50-day SMA at $967 now well below. The next resistance sits near $1,060, with a breakout likely to attract further upside momentum. The volume on the breakout was strong, indicating conviction behind the move.
This fresh bullish breakout could mark the start of a new leg higher, especially if geopolitical risks remain elevated and industrial demand stays firm.
Platinum price outlook: Bullish continuation above $1,010, with near-term upside toward $1,060 and $1,100.
More Information in our Economic Calendar.
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