Platinum follows gold lower and drops almost 3% today
Platinum, precious metal used in the production of catalytic converters for the automotive sector, is dropping almost 3% today. Declines can be reasoned with a strong pullback on the gold market. Gold dropped below $1,800 yesterday and the downward move is being continued today. Recent underperformance of precious metals is a result of rising US yields and USD strengthening. Interestingly, platinum is more vulnerable to changes in sentiment towards precious metals, while it should be more vulnerable to changes on the industrial metals market. Meanwhile, industrial metals continue to trade at relatively high levels.
Platinum has declined over 8% off recent peak at $1,340. Price is pulling back into the upward channel. The closest support can be found at $1,200 and is marked with 2016 highs. While platinum is trading in tandem with gold today, it has not always been the case earlier in 2021. Source: xStation5
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appThis content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
