Platinum price edged lower in recent sessions, hovering near oversold territory as traders brace for the US nonfarm payrolls report. The metal fell below the crucial $1,650 per ounce zone on Friday, hitting its lowest since mid-December 2025, and continued to trade under selling pressure on Monday amid a steady US dollar.
The US dollar has been a key bearish driver, extending gains to an 11-month high earlier before easing slightly. Geopolitical uncertainties, including the US-Iran conflict and upcoming peace talks in Qatar, added volatility. Despite the World Platinum Council’s Q1’26 report pointing to a fourth consecutive supply deficit, the metal’s upside has been capped by rising recycling, reduced ETF inflows, and hawkish Federal Reserve expectations.
A hawkish FOMC stance and persistent inflation above the 2% target have fueled rate hike jitters, keeping the dollar buoyant. Platinum, like other dollar-priced assets, moves inversely to the greenback. Market focus now shifts to the US jobs data, which will shape Fed policy outlook and likely determine short-term direction for the metal.
Technically, platinum remains under the bearish death-cross pattern, trading below both the 25-day and 50-day EMAs. The RSI at 32 signals proximity to oversold levels. Key support is seen at $1,595 (the lower channel border), with a break below opening the door to $1,550. On the upside, resistance lies at $1,680 and the 25-day EMA near $1,753.
