Spot Platinum

Lester Davids
8 hours ago
2 min read

Research Notes January 2026 > https://www.unum.capital/post/rjan2026

Trade Local & Global Financial Markets with Unum Capital.

To get started, email tradingdesk@unum.co.za

Closing Price: $2,393.83

1W Change: +6.46%

Multi-Frame Action: 🟢 Parabolic (D) 🟢 Breakout (W) 🟢 Blue Sky (M)

Technical Upside: Blue Sky. Major historical resistance at ~$2,300 has been cleared.

Target: $2,600 – $2,750 (~10-15%). Psychological Extension.

Momentum Signal: Extreme Momentum (Monthly RSI > 99)

Risk / Invalidation: Close below $2,250 (Breakout Retest)

Valuation Basket: Green Energy / Industrial Deficit

Primary Driver: Hydrogen economy demand & catch-up trade vs. Gold.

MARKET STRUCTURE & VOLUME VALIDATION

Volume Profile: The monthly volume (916K) confirms a massive secular breakout. After a 15-year consolidation phase, price has violently cleared the 2008 all-time highs, signaling a regime change from accumulation to mark-up.

Liquidity Zones: The $2,250 – $2,300 zone (previous multi-decade resistance) is now the critical support floor. As long as price holds above this level, the structure remains in "Blue Sky" discovery mode. The next psychological magnet is $2,500.

Divergences: None. The Monthly RSI is pinned at 99.03, an extremely rare "lock-out" signal. While technically "overbought," in the context of a secular breakout, this indicates an overwhelming demand imbalance (short squeeze) rather than a sell signal.

RELATIVE STRENGTH (SECTOR & INDEX)

vs. Gold: Outperformer. Platinum is aggressively playing catch-up to Gold. The Gold/Platinum ratio is compressing rapidly as capital rotates into the previously undervalued industrial metal.

vs. Industrial Metals: Leader. Platinum is decoupling from the broader industrial complex, driven by its dual status as a monetary asset and a critical green energy input.

Spot Platinum: Monthly Chart