Platinum broke the ascending triangle formation to the upside and surged nearly %5 in the last two days. XPTUSD may increase its advance to the triangle pattern target level, 1230. If before that happens, platinum back-test 1132, the upper line of the broken triangle, this may give a possible re-entry or buying opportunity for those who missed the breakout or take profit early, as long as the price holds over this level.
Bearish traders should be careful about their positions as fundamentals are starting to turn to platinum’s advantage in 2021. The 50-day moving average can be followed as a trend turning point for downward moves.