However, despite these bullish fundamentals, speculative positioning is showing signs of fatigue. CME Group data reveals a sharp drop in open interest for platinum futures, from 60,000 contracts at the end of July to just 26,000 as of yesterday. This reduction suggests that traders are scaling back exposure, with nearly all option positions unwound. On the physical-backed futures side, CFTC data shows that money-managed long positions stand at 37,121 contracts versus short positions of 20,464, with net positioning declining in both directions over the past week.
Geopolitical Drivers
Market sentiment shifted sharply following news of planned bilateral talks between the United States and Russia, raising the possibility of a direct meeting between Presidents Donald Trump and Vladimir Putin. Any progress toward de-escalating the conflict in Ukraine could alter safe-haven flows, which in recent months had included platinum alongside gold and the Swiss franc. The unwinding of defensive positions in platinum is consistent with broader risk-on sentiment observed in equity and currency markets.
Technical Analysis
On the daily chart, XPT/USD is now trading below the lower boundary of its ascending channel ($1600.00–$1350.00), having broken out with a downside gap. The Alligator indicator’s fast EMAs are positioned below the signal line, reinforcing the bearish bias. Meanwhile, the Awesome Oscillator (AO) remains in negative territory, confirming sustained downward momentum.
- Resistance levels: $1375.00, $1480.00
- Support levels: $1285.00, $1117.00
Trading Scenarios
Primary Bearish Setup (Weekly)
- Recommendation: SELL STOP
- Entry: $1285.00
- Take Profit: $1117.00
- Stop Loss: $1330.00
Alternative Bullish Setup
- Recommendation: BUY STOP
- Entry: $1375.00
- Take Profit: $1480.00
- Stop Loss: $1320.00
Platinum price trend analysis