Platinum price forecast: recovery at risk before US jobs data
ITF Team2 min read
Platinum faces $1,550 resistance and palladium needs $1,175 to stay on track, with US jobs numbers on Nov 6, 2026 likely to decide the next move.
Key takeaways
- Platinum is trading at $1,510.85 on Nov 6, 2026, up 1.54%.
- Palladium is at $1,019.94 on Nov 6, 2026, up 2.26%.
- A break above $1,550 for platinum could open a path to $1,700.
- A break above $1,175 for palladium could lift it toward $1,290.
On Nov 6, 2026 platinum (XPL) hovered around $1,511 and palladium (XPD) near $1,020, both edging higher but stalled ahead of the US non‑farm payroll report. The metals’ next steps hinge on whether the jobs data strengthens the US dollar, which could curb the recent rally sparked by a weaker greenback after the US midterm elections.
Technical outlook for platinum
The daily chart shows platinum rebounding from a low of $1,388 on Nov 4 and testing the $1,530 resistance. A decisive close above $1,550 would break the descending channel and invite a move toward the $1,700 zone, where the 50‑day SMA meets a trend line. Conversely, a slip back below $1,388 could retest $1,350 and the $1,200 area.
The 4‑hour chart confirms the pattern, with the price still confined inside a bearish channel. While the short‑term bias remains negative, the proximity to $1,550 makes the level a critical trigger for any upside.
Palladium’s key resistance and support
Palladium has recovered to $1,020 after bouncing from long‑term support around $900. The next hurdle lies between $1,100 and $1,175. A breakout above $1,175 would likely push the metal toward $1,290, echoing the recent oversold RSI rebound toward the 40 level.
If palladium fails to stay above $1,100, the $900 zone—previously a strong support in 2024‑25—could be tested again. A sustained break below $900 would raise the risk of a deeper correction toward $450‑$500 in the long run.
Read also: Gold and silver recovery stalls ahead of US jobs data
Supply‑demand backdrop
Sibanye‑Stillwater trimmed its 2026 combined US output forecast for platinum and palladium to 245,000‑255,000 ounces, citing strike‑related disruptions. The reduced supply offers a tailwind for prices, but the miner also warned that high interest rates and weaker growth expectations are dampening vehicle demand, a key driver for both metals.
Thus, while the output cut may provide price support, a slowdown in auto demand could limit the rally, especially if the US jobs report signals a robust economy and fuels a stronger dollar.
What to watch after the jobs report
The US non‑farm payrolls release on Nov 6 will be the catalyst. A strong jobs number typically lifts the US dollar, putting downward pressure on precious metals. Traders will watch the $1,550‑$1,570 zone for platinum and the $1,175‑$1,200 band for palladium as the decisive thresholds.
- If the dollar strengthens, expect platinum to retest $1,530 and palladium to hover below $1,100.
- A weak jobs report could keep the dollar soft, allowing platinum to aim for $1,700 and palladium for $1,290.
- Key technical levels: platinum support $1,478, pivot $1,504, resistance $1,522; palladium support $992.7, pivot $1,025, resistance $1,056.6.
Frequently asked questions
What level must platinum break to resume its rally?
Platinum needs to close above the $1,550 resistance zone; a break would likely open a path toward $1,700, according to the technical analysis dated Nov 6, 2026.
How could the US jobs report affect palladium?
A strong US jobs report could strengthen the dollar and keep palladium below its $1,175 resistance, while a weak report would allow the metal to stay above $1,175 and target $1,290.
Official data sources
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This article is compiled from international market news for information only. It is not investment advice.