Saad Ullah
⬤ Platinum tumbled roughly 2.4% in the latest session, dropping back toward a key rising support line on the daily chart. The metal is testing the lower yellow trendline that's held the uptrend since late 2025. After failing to push above recent highs near the upper boundary of a rising channel, platinum reversed course and started pulling back.
⬤ The chart shows an impressive run from December lows around 1,500 dollars, with prices eventually shooting up toward the 2,700–2,900 dollar zone. That rally hit a wall near a double-top resistance area, and selling kicked in. Now platinum is rotating lower within the broader pattern, with the rising yellow support line becoming the level everyone's watching.
⬤ If the support breaks, traders will be eyeing 2,300 dollars next, with 2,100 dollars as the deeper fallback zone. Both levels show up on the chart as previous consolidation and reaction points. On the flip side, platinum would need to reclaim the top of the rising channel and break through that double-top resistance to get the bulls excited again.
⬤ This setup matters because it could mark a turning point after the extended rally. The RSI has cooled off from elevated readings and sits near the middle now, showing momentum is fading rather than reversing hard. How platinum handles this rising support line will probably set the tone for precious metals in the short term—either this is just a breather in the uptrend, or we're looking at a deeper correction ahead.
Saad Ullah
