Platinum: A break of $1,000 will mark the beginning of a bullish trend – ANZ

Platinum’s price is hovering near a key support level of $900. Economists at ANZ Bank analyze the metal’s technical outlook.

Consolidation near $900

If the price holds above $900, a recovery looks possible towards $936. However, a sustained price above $950 is required to reverse the downtrend that started in late December last year. 

Price near $1,000 is a strong resistance, and a break of this will mark the beginning of a bullish trend. 

On the other hand, if the price breaks below $900, this could trigger a fresh sell-off, dragging prices lower towards $850.