(Jesse Colombo, Money Metals News Service) After yesterday’s 4.49% surge, platinum has broken through the key $1,200 to $1,300 resistance zone that had been a major hurdle—an encouraging bullish signal.
Last week, I published a detailed report on the bullish case for platinum—even though my usual focus is on gold and silver. In it, I highlighted several bullish tailwinds: a nearly 1 million-ounce supply deficit over the past three years, historically low valuations, a strong technical setup, and rising demand from Chinese jewelry buyers who are increasingly turning to platinum as gold prices soar.
I also pointed out the key $1,200 to $1,300 resistance zone just overhead, noting that it could pose a short-term challenge—but that a breakout above it would signal further upside.
Well, after yesterday’s 4.49% surge—which brings platinum’s gains over the past three months to nearly 50%—it has decisively broken through that resistance, confirming its technical strength. Let’s take a closer look at where platinum stands now and what may lie ahead.
A look at the daily chart confirms that platinum initially struggled at the $1,200 to $1,300 resistance zone, just as I anticipated—but that struggle was short-lived. After yesterday’s rally, platinum now stands firmly above this critical zone:
The weekly chart highlights the $1,200 to $1,300 resistance zone even more clearly than the daily chart—and shows that platinum is now trading above it. That said, I’d ideally like to see a strong weekly close above this zone, which we’ll find out at Friday’s close.
The long-term monthly chart, which spans the past two decades, also highlights the significance of the $1,200 to $1,300 resistance zone—initially established by price peaks in 2016 and 2021. While I’d ideally like to see a monthly close above this zone for added confirmation, platinum is already looking very strong following yesterday’s daily close.
The next major price target I’m watching is the $1,700 to $1,900 resistance zone, defined by peaks from the early 2010s. Considering how undervalued platinum remains—even after its recent rally—reaching that level shouldn’t be too difficult in the near future.
I also monitor precious metals prices in euros, as it removes the influence of U.S. dollar fluctuations and often reveals the underlying trend more clearly. In euro terms, platinum has just broken above the €1,000 to €1,100 resistance zone—a very encouraging sign.
The next target is the €1,200 to €1,400 resistance zone, which was formed by the highs of the early 2010s. A decisive breakout above that zone into blue-sky territory would be a powerful bullish signal, indicating even further gains likely ahead.
As a staunch precious metals and commodities bull, it’s both fascinating and encouraging to see platinum finally waking up in a big way after 15 years of stagnation—especially as it coincides with silver breaking out and gold holding strong, even as it consolidates after its earlier rally this year.
While platinum remains a niche investment and a much smaller market compared to gold and silver, I still welcome this development. It’s likely to draw increased investor interest and media attention to the broader precious metals space, which I believe still holds significant upside despite the strong gains over the past year.
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Jesse Colombo is a financial analyst and investor writing on macro-economics and precious metals markets. Recognized by The Times of London, he has built a reputation for warning about economic bubbles and future financial crises. An advocate for free markets and sound money, Colombo was also named one of LinkedIn’s Top Voices in Economy & Finance. His Substack can be accessed here.
