The chart below is the daily Gold/Platinum ratio which has formed a classical head and shoulders formation and is currently trading at 3.34 after having reached an all time high of 3.561 on 21st of April 2025.
The 14 day relative strength index has shown bearish divergence developing since early April whilst the MACD-V indicator is retreating from the extremely overbought area of 347. The NYMEX Platinum Futures Managed Money Short Positions level of 35520 as of April 22nd, is higher than the level a year ago when it stood at 29707. The World Platinum Investment Council's five year supply/demand outlook foresees that the material platinum market deficits established during 2023 and 2024 are set to persist throughout the forecast period through 2029.
On the weekly chart, the Bollinger bandwidth is at an extremely low level which reflects the relatively narrow trading range over an extended period. It is also a warning that a break out of the recent support and resistance lines could be explosive. A weekly close above 1030 would bring life into this totally neglected market. The current price is $985 and above the 40 week moving average of 962.
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