Platinum Rally Falters Near Key Resistance at $1,640

Platinum prices retreated 1.72% to $1,630.60/oz, stalling a recovery attempt from June's $1,560 lows. The metal briefly challenged $1,640 before encountering resistance at the upper boundary of a descending channel - a critical technical level that has contained rallies since early-2026's $2,000+ peak.

Market structure shows buyers establishing higher lows, with immediate support forming between $1,600-$1,610. The $1,550-$1,560 zone remains crucial support, though a retest could trigger a pullback toward $1,580. Upside potential remains capped unless bulls can decisively break $1,640 to target the $1,670-$1,690 range.

Momentum indicators flash warning signs. While platinum rebounded strongly from June 25 lows, the MACD now shows weakening bullish pressure - the signal line (7.14) currently overrides the MACD line (4.99), with histogram bars dipping into negative territory.