Will bulls manage to break above the resistance zone at $ 1,190?
During yesterday's session the prices of precious metals clearly rose. Gold and silver were recovering from last week losses, however platinum attracted the most attention from investors. Today the price of platinum is rising almost 2% and is at the highest levels since 2016!
The upward move can be explained by the continued strong demand from the automotive sector, especially in China, and the supply disruptions at South Africa's largest manufacturer due to Covid-19. China's auto market rebounded in the second half of 2020, rising 6.6% in December and is expected to rebound by 7% overall in 2021.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appLooking at the weekly interval, the price hit the resistance zone at $ 1,190. Should a break above occur, a way towards $ 1,275 will be open. On the other hand, if sellers will manage to regain control, the area at $ 1020 remains the key support.
Platinum interval W1. Source: xStation5
This 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.
