In today's technical analysis, let's examine the long-term outlook for platinum, which has been trading within a broad symmetric triangle pattern for a few years.
Recently, this formation has become even more compressed, with a smaller triangle marked by green trendlines taking shape inside the larger structure. Last week, platinum tested the upper boundary of this inner triangle but has since retreated to the center of the range. From a trading perspective, the center of a triangle is the least favorable area, as it offers limited directional clarity.
However, there are a few clues worth noting. The false breakout to the downside in late 2024, marked in red, triggered a strong bullish reaction. That move suggests growing pressure on the upper boundary of the pattern. With this in mind, the path of least resistance appears to be to the upside. A confirmed breakout above the green triangle would pave the way for a move toward the upper blue resistance line.
The alternative scenario would require a downside breakout, but for that to gain traction, platinum would still need to decisively break the key black horizontal support. Until then, the technical landscape leans slightly more bullish.