PLATINUM PRICES TARGET HEADING UP
Platinum prices, which are among the rare metals, have been seeing an upward trend for a while. Although manufacturing activities in the USA and China, which are the world's largest economies, do not indicate a very pleasant increase, it is seen that the commodity does not change the rise scenario in the short term. With the acceleration of vaccination efforts around the world, the demand for safe havens has weakened slightly, and the weak performance in commodities is preserved with the incentive package announced by the elected President of the USA. It is observed that the increase in Platinum prices, which especially experienced a supply deficit, towards the $1200, faced a slight loss of momentum.
Platinum prices, which started at around $968 last year, had a retreat movement of up to $600, especially in April, when the concerns about the Covid-19 outbreak peaked. However, with the acceleration of the economic recovery, Platinum prices were turned up again. It is seen by the World Platinum Investment Council (WPIC) that the expectation of a faster recovery in demand due to the contraction of supply more than expected and the effect of the epidemic is parallel to this price movement.
For the short-term Platinum outlook, it is seen that the rally against the 1134 level are faced with a slight downward acceleration. Especially if this acceleration makes the 1084 support six closes, the dips may turn downward around the 1020 and 959 support levels. However, in the upward trend that may occur with the general directional trend, we follow the first resistance level of 1134, and the resistance levels of 1191 and 1260 above this level.