Platinum Surges Past Another Hurdle in Relentless Rally

After today’s 4.49% surge, platinum has broken through the key $1,200 to $1,300 resistance zone that had been a major hurdle—an encouraging bullish signal.

Last week, I published a detailed report on the bullish case for platinum—even though my usual focus is on gold and silver. In it, I highlighted several bullish tailwinds: a nearly 1 million-ounce supply deficit over the past three years, historically low valuations, a strong technical setup, and rising demand from Chinese jewelry buyers who are increasingly turning to platinum as gold prices soar.

I also pointed out the key $1,200 to $1,300 resistance zone just overhead, noting that it could pose a short-term challenge—but that a breakout above it would signal further upside. Well, after today’s 4.49% surge—which brings platinum’s gains over the past three months to nearly 50%—it has decisively broken through that resistance, confirming its technical strength. Let’s take a closer look at where platinum stands now and what may lie ahead.

A look at the daily chart confirms that platinum initially struggled at the $1,200 to $1,300 resistance zone, just as I anticipated—but that struggle was short-lived. After today’s rally, platinum now stands firmly above this critical zone: