Platinum price highest since 2016!

Will bulls manage to break above the resistance zone at $ 1,190?

During yesterday’s session the prices of precious metals clearly rose. Gold and silver were recovering from last week losses, however platinum attracted the most attention from investors. Today the price of platinum is rising almost 2% and is at the highest levels since 2016!

The upward move can be explained by the continued strong demand from the automotive sector, especially in China, and the supply disruptions at South Africa’s largest manufacturer due to Covid-19. China’s auto market rebounded in the second half of 2020, rising 6.6% in December and is expected to rebound by 7% overall in 2021.

Looking at the weekly interval, the price hit the resistance zone at $ 1,190. Should a break above occur, a way towards $ 1,275 will be open. On the other hand, if sellers will manage to regain control, the area at $ 1020 remains the key support.