Platinum to plunge towards $730 on a weekly close below $905/897 – Credit Suisse

Platinum may be close to a significant break lower. Under $905/897, the precious metal could dive as low as $730, strategists at Credit Suisse report.

Break above $1,026 needed to alleviate immediate downside bias

“A weekly close below $905/897 would be seen to mark a significant break lower with just initial support then seen at the 61.8% retracement of the 2020/2021 bull trend at $860, then the lows from late 2020 at $840828. Big picture though, we would see scope for a fall to $730.”

“Above $1,026 is needed to ease the immediate downside bias and reassert the broader sideways range again.”