Helena Izotova
⬤ Platinum's been on a roll this week after finally breaking out of that symmetrical triangle everyone was watching on the XPT/USD daily chart. The metal followed through on Tuesday's breakout with another strong bullish candle, pretty much confirming that consolidation's over and buyers won. Price is hanging out comfortably above the old triangle resistance, showing demand's running the show right now.
⬤ Here's the thing – the chart's looking clean. Platinum's riding a nice uptrend with both the 50-day and 200-day EMAs backing it up. After grinding sideways for weeks, price finally exploded higher with some real momentum behind it, printing higher highs and higher lows like clockwork. That's exactly what you want to see after a breakout – no fake-outs, no trap moves, just buyers stepping in every time sellers try something.
⬤ Market psychology's tilted bullish too. Every pullback gets bought up fast, and there's zero sign of those nasty reversal candles that kill rallies. The consolidation before the breakout was basically coiling up energy, and now we're seeing that classic expansion move traders love after symmetrical triangles resolve. As long as platinum stays above that former resistance zone, there's nothing on the chart screaming exhaustion yet.
⬤ This move matters for the whole commodities space. Platinum breaking out after months of going nowhere shows renewed strength that could ripple across related metals. When price holds above key technical levels like this, it shifts sentiment fast and keeps the trend alive. Sure, pullbacks can happen anytime, but right now the structure's clear – breakout momentum's taken over and demand's calling the shots.
Helena Izotova
