Technical Outlook: Platinum has recently taken a deep dip down to levels below the mark of 800.00, which marked a pullback of around 120 dollars from its 2019 high of 919.60 (last tested in early April). Its price, however, tried to remain above the rate of 800.0 (Pivot Point) sending a clear signal to the markets that market participants are ready to buy the metal at rates below 800.00. Furthermore, the Weekly Chart below shows that Platinum is trading at its lower uptrend channel line as investors wait for a bounce-off to occur, which could eventually send prices up toward Resistance 1 of 850.0.

If, however, Platinum fails to remain above the mark of 800.0 (Pivot Point), its price could break below the lower downtrend channel line and it may eventually target Support 1 of 754.8 to the downside.

Graph: (Platinum, Weekly)