Platinum has recovered 14.5% from the July low of $1,530.70/oz to $1,752.20 (Aug 11), and remains 38.6% below the January peak of $2,852. The macro headwind that drove the 46% correction has rotated: the soft US jobs report (Aug 7) cut September rate-hike odds to 55% from 67%, the dollar index fell to a six-week low near 99.56, and gold rallied 8% in a week while platinum added 13% in seven sessions. Fundamentals remain structurally tight - WPIC forecasts a fourth consecutive annual deficit of 297 koz, above-ground stocks fall to 1,747 koz (under three months of demand cover) by year-end, and COMEX registered stocks sit below 200K oz. The risk-reward has improved versus July: the floor near $1,530 held, and a monthly close above $1,800 would validate the bull case toward $1,900-2,200. The posture is defensive - hold current layers, prepare to add above $1,800 or on a dip to $1,650.
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