PLatinum shaping up for a ton of upside to $1,132 tech and funds

Box Formation and W Formation is showing on the Daily chart of PLatinum.
We do need the price to close above the neckline of both patterns to really confirm upside to come.
So far the MAs are also confirming a bullish inclination along with the rising uptrend.
Price >20 and crossing 200MA
Bullish bias

Target $1,132

Let's drill into the fundamentals for the rising PLatinum price

One of the significant reasons for the price increase is the deepening supply deficit that was observed in 2023, which is expected to continue into 2024.

The World Platinum Investment Council (WPIC) had revised its expectations for the platinum deficit in 2023 to nearly twice its initial estimate, highlighting a considerable shortfall in supply against demand​ (INN)​.

This deficit is largely due to decreased supply, with production challenges in major platinum-producing countries like South Africa, where mines have faced electricity issues leading to production deficits.

Despite some improvements in production, the overall global output of platinum decreased year-on-year, while demand, particularly from the automotive sector and for investment purposes, has seen a notable increase​ (INN)​.

Also, the demand for platinum in the production of green hydrogen, which uses platinum-group metals (PGMs) as catalysts, is also contributing to the increased demand.

The green hydrogen sector, which focuses on producing hydrogen from renewable sources, has seen significant investment, further boosting platinum demand​ (INN)​.

The auto sector, a major consumer of platinum due to its use in catalytic converters, has begun to return to pre-pandemic production levels, further straining the available platinum supply​ (INN)​.

And investment demand for platinum is expected to rise, with projections indicating an increase in platinum bar and coin demand to a three-year high, as manufacturers in North America and Europe allocate more capacity to platinum due to weaker demand for gold and silver​ (The future of trading)​.

All giving great buying signs for the precious metal.