Platinum (XPT) and Palladium See Sharp Declines as Chart Weakness Emerges
Platinum and palladium prices tumbled as technical indicators signaled weakening short-term demand. Platinum spot prices plunged 5.03% to $2,028.08, marking a $107.42 drop from the $2,150-$2,180 opening range. The metal failed to hold the $2,100 support level, closing near session lows after sustained selling pressure.
Palladium mirrored the downturn, shedding 4.13% to trade at $1,580. Both metals show contrasting long-term trajectories—platinum maintains impressive year-to-date gains of 104.20%, while palladium's rally from sub-$1,000 levels appears to be cooling after its January surge above $2,000.
The selloff reflects profit-taking after extended rallies rather than structural weakness. Platinum's 13.42% three-month gain and 44.35% six-month performance suggest this may represent a healthy correction within a broader bull market.
