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Platinum targets $1,400

The platinum rally continues as the precious metal has broken out of six-year highs to $1,348.20/oz, and is still going strong. The new target for the rally could be the $1,400, and there is every reason to believe this mark will be reached. The medium-term upward trading channel shaped up in mid-November 2020 and this trend has held consistently since then.

The market is betting on a fast-track recovery for the industry, and platinum is widely used in production. The key growth trigger is the high-tech sector, which could show rapid expansion following the pandemic-induced slump. Notably, any positive performance from world economies that makes a case for industrial production will be an additional reason for the platinum price to climb higher. The crucial data come from China and the US.

Alongside platinum, other commercial metals could also tap into this uptrend, including copper, lithium, and cobalt.

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