Platinum Near $2,100 as Gold and Silver Face Speculative Exodus

Markets of precious metals also recorded a sharp position change with the unwinding of the speculative exposure over the futures markets.

The platinum prices stabilized around major levels as gold and silver were highly liquidated. Data in the market indicated a reset following excessive volatility.

COT Data Reflects Stinging Speculative Position Declines

A significant turnaround positioning in managed money across commodity futures was highlighted by analyst Ole S. Hansen in a recent X post. For the week ending February 3, records of Commitment Traders were 25 major commodities. The most aggressive adjustments experienced in the period were precious metals.

In the past week, the gold prices fell by 3.6% and the silver by 21.4%. Platinum declined 12.9% in the same reporting period. Such price actions were accompanied by increased volatility, increased margin, and fund risk limits.

Managed-money data indicate platinum longs reduced by 42% in a week as gold and silver also experienced drastic liquidations in speculation as volatility rose. Source: Ole S. Hansen via X, Feb 2026

Analysts found that directional bias was not shifted but reduced by speculative traders. Platinum longs managed in money dropped by 42% in a week. According to the chart, net long positioning declined towards the close of the range by about 1,083 contracts, which was very close to the neutral position.

In the platinum positioning chart, there was contraction in the long and the short exposure. This implied preemptive de-risking as opposed to a new bearish belief. The net positioning line became flattened, indicating less involvement after the sell-off.

Additionally, the same was found with gold and silver, but to a varying extent. The net long of gold dropped by 23% to 93,438 contracts. Silver positioning failed more violently; the net longs dropped 88% to 4,491 contracts, the lowest in 23 months.

Platinum Price Holds Over 2000 Following Parabolic Correction.

According to Trading Economics, platinum was trading at a high of $2,099.4/ounce, up $28.8, or 1.39% more on the day. The relocation was after a sharp correction after recent highs. Prices were high as compared to their levels at the beginning of the year.

On one hand, the platinum one-year chart indicated that platinum began in the range of $950 to $1000. Prices rose steadily through the middle of the year and went beyond $1,300 in June. This was followed by a small stop and more gains up to the range of $1,600-$1,700.

Platinum traded around $2,099 per ounce, recovering slightly after a drastic decline from this position in the recent past after a parabolic surge: Trading Economics Feb 2026

The end of the year saw a pickup in momentum with platinum trading above $2,000. Prices soared and went beyond the levels of $2,200 and $2,500, then went up to about the $2,800-$2,900 limits.

The pullback to $2,100 was an abrupt but normal retreat. The general upward structure was not altered even after the correction. The $2,000 mark has become one of the major points of reference in price movement in the short term.

Possession of more than $2,000 keeps platinum in its overall trend. A long-term decline lower than that figure would switch the point of focus towards support of about $1,900. The resistance is still determined to be around $2,300, and the next resistance is the area around $2,500.

TradingView Signals Volatility Reset Above 2000 Support.

At press time, the metal was trading at $2099.42. Prices were varied, with the lowest intraday price as $1,804.55 and the highest value as $2,112.47. The session was ended at a higher level of over $2000.

High volatility following the parabolic improvement was indicated by the broad trading spectrum. The price movement indicated that there was dip-buying on the post-correction. The recovery has come after the prices plummeted down to the $2,700 to $2,800 range.

Technicals indicate that platinum has been in stabilization above the $2,000 level with positive money flow, but with dimensions that are declining following the recent drop. Source: TradingView, Platinum Spot Chart, Feb 2026.

Momentum indicators indicated cool conditions. The MACD line became negative at -4.10, and the signal line was high. The negative histogram was an indication of the downside momentum that was left behind during the recent sell-off.

Indicators of liquidity provided a more balanced perspective. The Chaikin Money Flow was positive at +0.16, indicating that net inflows were intact. Turnover was approximately 287,590 ticks, meaning there was active involvement by both sides.

There were still clear technical levels. The closest immediate support was close to $2000, then $1900-$1950. The market kept stabilizing, and resistance was noted at almost $2,200 and then at another point at $2,400.