Saad Ullah
⬤ Platinum (XPT) dropped around 2% and is now stuck in tight consolidation just above the $2000–$2050 support zone. According to analyst iCooperTrades, the metal is carving out a classic bear flag — mirroring palladium's recent price action. The chart tells a familiar story: a sharp leg down followed by sideways drift rather than a real recovery, which signals that buying pressure is fading fast.
⬤ The $2000–$2050 area is the line in the sand for Platinum right now. As iCooperTrades put it: "The longer it consolidates here without bouncing, the higher the probability of a breakdown." That's the core concern — time is working against the bulls. A similar situation played out recently, when the metal pulled back to a critical rising support and struggled to hold. Read more: Platinum Drops 2.4% as XPT Tests Rising Support at Key Level
⬤ If support breaks, $1700 becomes the next logical downside target. It wouldn't be the first time Platinum has seen a sharp, painful correction — the sector has a history of sudden selloffs, as covered in Platinum Price Suffers Sharpest Fall in Over Five Years. For context on how consolidation phases can precede large directional moves, see also: Platinum Forms Symmetrical Triangle, Signals Potential Breakout Pattern
⬤ On the flip side, any recovery attempt would run into resistance near $2400. How Platinum behaves around current support in the coming sessions could set the tone not just for the metal itself, but for broader precious metals sentiment in the near term.
Saad Ullah
