Prices have risen back to near the recent bottoms, bringing in the buyers, but the charts of platinum haven’t yet broken this wider downtrend.
Platinum fell 1.72% to $1,630.60 an ounce, according to Trading Economics data. This upturn came after a long period of decline from the high early-2026 price, which hit the upper $2,000 price zone for a brief spell.
The short-term buyers have made some gains. Despite this, there is still resistance at the top of a falling channel, which is slowing the recovery.
Platinum Rebounds From $1,560 Area
Notably, price then rallied back towards $1,620, dipped back, and added back another inch to $1,640. Regardless, a short-term recovery structure formed, with buyers supporting increasingly higher levels in the latest sessions.
According to market data, Platinum rebounded to the mid-$1,619s, though, after a test of the upper $1,630s. This indicates that there is still a high bid interest level at the immediate resistance area.
The first support sits between $1,600 and $1,610. The more solid support level around $1,550 to $1,560 is next, which may be next to see a $1,580 pullback. However, the prospect of buyers reaching the $1,670 – $1,690 sweet spot will require a $1,640 price target first.
MACD Shows Rally Losing Speed
Platinum has bounced back dramatically from its June 25 lows. During the majority of the rebound, the MACD line was above the signal line and in positive territory.
The MACD line was leaning towards 4.99, below the signal line at about 7.14. The histogram, meanwhile, dipped into negative values around -2.15. A bearish crossover is not a bearish confirmation of the end of the rebound, but it does indicate that bulls are losing strength.
Falling Channel Keeps Wider Trend Bearish
On the other hand, Platinum Bull’s four-hour time frame chart has the price in a downward channel that has been guiding the price action since the May high. Platinum had recently rallied off its bottom of that range and climbed into the channel’s top. The analyst called it a counter-trend rally and not a true bottom.
According to the analyst chart, multiple moving averages are also above the price, which is also supportive of the overall bearish theme. Resistance is bottled up in the price range of $1650–$1700, at the intersection of the falling channel and the short-term averages.
Any significant move above that area would lessen the downtrend and should help trigger a larger recovery. Platinum may head back toward $1,540 before testing the lower channel boundary near $1,400, with the next move likely to be a rejection.