Precious Metals Soar as Dollar Weakness Continues

The precious metals market is experiencing significant breakouts, while the US dollar remains vulnerable below key support levels. On Friday, platinum broke above its psychological target of $1900, completing a bullish roadmap laid out on August 7. The metal's price has now reached around $1927-$1930, with buyers firmly in control.

Meanwhile, gold and silver are approaching their respective targets of $4654-$4685 and $7000. Palladium is fighting to reclaim its level at $1373, while copper has given bulls a boost by successfully re-establishing its rising channel.

The US dollar, on the other hand, remains in bearish territory below 99. If sellers can secure a daily close below 98.72, the support zone created by the 50% and 78.6% Fibonacci retracements at 98.30-98.45 will become their first downside target.

Bulls still have room to push lower as long as they keep the greenback below broken technical levels. However, a closure of today's bearish gap followed by a daily close above 99 would invalidate the current bearish scenario.