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- Platinum slipped -5.52% this week as US Treasury yields bit back following a more hawkish tone form the Fed at this week's FOMC meeting
- The precious metal has been losing bullish traction since mid-May and broke key technical support at $1,150 this week – precipitating a move lower towards the 200dma at $1,082.
- Yesterday's move lower found support at $1,100, with price action now teetering around the 200dma. A close below the 200dma in today's session could lead to more bearish pressure.
- However, we seem to have fairly robust support in the $1,000-$1,100 zone and with price action moving into oversold territory we may see these factors keeping XPT underpinned in the near-term.
- Moreover, with a strong medium to longer-term fundamental outlook on forecasts for an acute supply deficit over the next few years we could markets take an interest in XPT around these levels.