Platinum to tank towards $730 on a break under 2021 lows at $905/$897 – Credit Suisse

Platinum is back below its 200-day and 200-week averages to leave the spotlight firmly on the lows of the past year at $905/$897. A break below here would open up additional losses towards $730, strategists at Credit Suisse report.

Break above $1,037 needed to mark a near-term base

“Only a sustained move below $905/$897 would be seen to mark a significant bearish continuation pattern, with supports then seen next at $860, ahead of $828 and eventually $730.”

“Above $1,037 is needed to mark a near-term base in the range, easing the immediate downside pressure.”

See – Platinum: Forecast for year-end lowered to $1,050 – Commerzbank