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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
PRECIOUS METALS
- Platinum managed to stabilize above the $1k mark at the start of July after dropping -11.14% mid-June as the Fed delivered a more hawkish tone – denting demand for PGMs and sending the Greenback higher.
- Since then, we've seen a moderation in hawkish bets on Fed policy and the BBDXY (-0.69%) since the peak on 16/06/21. Similarly, Platinum has recovered +7.71% since reaching a low of $1,027/Oz and is now trading above the 200dma.
- Mining analysts remain bullish on platinum, PGMs & rare earths in the medium to long-term, given an acute supply deficit and bolstered demand from the green energy revolution.
- However, some near-term volatility is expected to persist as uncertainty over the global recovery remains elevated.
- XPT/XAU also managed to find support around the 200dma with early signs of a bullish inverted H&S pattern emerging on the daily chart with the neckline shown by the white trendline.
- A break above here and lateral support (red line 0.6266) may precipitate a move higher towards 0.6644 resistance.
XPT Holds Above $1k
XPT/XAU
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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