In a May 23, 2023, Barchart article, “Platinum – The Bullish Trend Reaches a Critical Point,” I wrote, “Platinum’s short-term bullish trend will remain intact if the price holds above the $1,050 level.” Nearby NYMEX platinum futures were trading at $1,065.80 per ounce on May 23. On June 29, the price probed below $900, as another attempt at a rally failed. Platinum’s bullish trend reached a critical point in late May and turned bearish. In late June 2023, the bearish trend challenged its crucial support level.
The bearish trend approaches the late February 2023 low
