Platinum is testing the upper boundary of a bullish pennant formation right now—a textbook consolidation pattern that typically shows up after a strong impulsive rally. This kind of setup usually means the market is catching its breath, digesting the gains before the next leg.

What's interesting here is the resistance from sellers hasn't been enough to crack lower levels. Meanwhile, buyers keep stepping in at support zones, which tells you there's real demand underneath. That's the kind of dynamic you want to see in a bullish structure.

If this pennant breaks upward with conviction, you could be looking at a continuation play. The key is watching whether the pattern confirms, because that's when the real move typically unfolds.