Platinum futures surge toward $2,325 - Can bulls clear the first hurdle?

Platinum futures have had a rough few weeks. After peaking above $2,900 per troy ounce in late January, the precious metal used primarily in catalytic converters, jewelry, and emerging hydrogen fuel cell technology got absolutely hammered — losing nearly $1,000 in a matter of days before finding its footing around the $1,960/oz area in early February. That's a brutal drawdown by any measure. But as of today, February 25, 2026, something has shifted. A powerful 5.60% single-session rally is putting two key resistance levels squarely back in focus, and how price handles them over the coming sessions will likely define platinum's direction for weeks to come.

Let's unpack what the chart is telling us.

The first test traders need to watch is the pivot high resistance at $2,325. This level isn't arbitrary — it marks the area where price previously stalled during the post-selloff consolidation, making it a natural ceiling that sellers will defend. With today's candle closing near $2,309, platinum is essentially knocking on that door right now. A clean daily close above $2,325 per oz on convincing volume would be a meaningful development, suggesting the rounding bottom that formed through mid-February is evolving into something more substantial.

But clearing $2,325 doesn't open the floodgates immediately. Looming further overhead is the next resistance level at $2,621, a zone tied to the late January consolidation before the steep decline. Think of it as the second gate. Even if bulls push through $2,325, that $300 gap between the two levels is contested territory where momentum can stall and short-term traders will be tempted to pocket gains.

For traders considering long exposure, pullbacks toward the $2,200–$2,250 area following a confirmed $2,325 breakout would offer a more favorable risk/reward entry than chasing today's surge. A stop below $2,150 keeps risk defined. The bearish case? If today's rally fades and price reverses back below $2,200, it suggests the bounce was corrective rather than the start of a new leg higher, and the path back toward February lows reopens.

Today's move is encouraging. Whether it's the beginning of a genuine recovery or simply an overextended bounce testing resistance, the $2,325/oz level will provide the answer traders need.