Pre-FOMC Metals review: Platinum (XPT/USD) outperforms its peers, Copper (XCU/USD) struggles

Today marks the first time a rebound in WTI has not correlated with wide selloffs in Global Markets. Before today, even a slight bounce in the Energy commodity would drag Stocks and Bonds, and, more particularly, the subjects of today's check-up, metals.

As we covered yesterday, Silver and Gold escaped some bearish technical developments as the Sunday Globex open brought heavy selling flows – sustaining their respective $80 and $5,000 thresholds. Traders will have to be more patient to spot which side the breakout will take. Don't hesitate to check out the piece to learn more!

Tomorrow's Fed Meeting will provide some quintessential clarity to the inflation situation:

As a quarterly meeting, the Fed will provide the Summary of Economic Projections, which projects expected activity (GDP) and inflation; two of the most heavily influenced data points by recent Middle East developments – particularly with rises in Oil, Which Are largely pricing out upcoming Rate Cuts.

We will explore potential Fed argument points throughout an afternoon US Dollar review.

As we enter the final stretch ahead of the key event, it is not surprising to see global assets losing some of their traditional correlations as Participants move to unwind positions to shed risk, particularly ahead of a highly unpredictable meeting.

What is certain is that the conflict changed the picture quite a lot; one way to prepare for the coming days is to see where Assets were trading before the War to get a better idea of what could happen if things actually improve.

Metals have had dynamics of their own, initially rallying, then selling off, just to establish confusing ranges, and only Platinum has managed to withstand the general pressure from the rise in the Petrodollar.

Is it time for the White metal to catch up to Gold?

It would be a long stretch, but what is surprising is that Platinum is hovering well around $2,000, close to the pre-breakout level for Gold.

Copper, which has been held up by AI and Grid investments, has, also broadly resisted to the pressure on the Metals Market, but is showing some cracks. Is the long copper trade compromised?

Let's dive into a multi-timeframe analysis (Weekly and Intraday) of Copper and Platinum to see if there are any technical clues in Alternative Metals, as Silver and Gold seem to be finding little direction.

Discover:

• Metals fake-out to the downside; Opportunity? – Gold (XAU/USD) & Silver (XAG/USD) update
• Markets Today: RBA hike rates, European shares eye lower open, ZEW sentiment, ADP employment data up next
• Chart alert: Hawkish RBA provides support for AUD/USD, bulls need to break back above 0.7140

Copper hasn't been able to generate further traction from its early year breakout attempt, and has been stuck in a $5.50 to $6.00 range throughout the past month.

A key technical element to keep your eyes on is the 20-Week Moving Average, currently at $5.56 and acting as a Major Pivot for upcoming action.

• Having just caught up to the action, Bulls will want to see a bounce from here back above $6.00
• Failing to hold the MA could hint at a break towards the $5.00 to $5.10 major support – Short-term charts are inclining for a bearish tilt.
  • A more bearish economic outlook for the future could have further bearish effect, but this will be contingent on upcoming data – the SEPs may have an effect on this one.
    • If a correction extends, look at the Monthly Channel lows at $4.50 which would be a great long-term point of entry.

Copper is now forming a more bearish outlook on the short-run.

Having crossed back below its 50-Day MA ($5.83) for the first time since its September 2025 rally, sellers are looking to take control.

A Head and Shoulders pattern would point to a test of the $5.18 200-period MA, but could also extend to the 50-Week MA – Watch the short-term bear channel.

To confirm, check out if sellers manage to push below the $5.50 Key psychological level.

Levels to watch for Copper (XCU/USD) trading:

Resistance Levels:

• Pivotal Zone $5.70 to $5.90 (50-Day MA $5.83)
• $6.00 to $6.10 Early Jan 2026 Record
• Current ATH Resistance $6.40 to $6.50
• Potential Resistance 2 $6.90 to $7.00

Support Levels:

• $5.56 20-Week MA (Pivotal Support)
• Support at March 2025 Highs $5.40 to $5.50
• $5.10 50-Week MA
• Major Monthly Support between $4.90 to $5.00
• $4.50 Main Channel Lows

After the end-2025 to Beginning 2026 chaotic explosions, the long-term charts are quite confusing. But when there is confusion, the best thing to do is to look where it is clear.

The 20-Week Moving Average ($2,030) acted as Support throughout this week's bounce in Platinum – Keep a close eye on it to see if it remains a positive Technical Indicator or a negative one for the downside break.

What tilts the scale for a more bullish action in XPT/USD, is the fact that its weekly RSI is now bouncing from neutral, a sign of bear exhaustion.

Sellers in Platinum have failed to push for a meaningful break of the $2,000, however, it remains a key level for upcoming action.

Above, expect more bullish action. Below, the scale tilts to the bearish side.

The 4H 50 and 200-period MAs are acting as short-term resistance – Breaking above would hint at further bullish action for the White Metal. $2,300 would be the next step.

The FOMC will clear the path for what comes next.

Platinum Technical Levels to keep on your charts:

Resistance levels

• $2,130 4H 50 and 200-MAs
• May 2008 Momentum Pivot $2,100 to $2,200 (Bull Above)
• 2008 mini-Resistance $2,300
• December 2025 Peak $2,500
• Current All-Time Highs $2,800 to $2,880

Support levels

• $2,000 Major Psychological Level (Bearish below)
• War Support & 2011 Highs $1910 to $1,950
• February Lows & 2013 highs $1,730 to $1,780
• $1,500 Major Support

Safe Trades!

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