Spot platinum has consolidated quietly in a right-angled triangle chart pattern in the fourth quarter, even as the US dollar has seen big swings, especially against some emerging market currencies. The long-term trend based on the moving averages has been bearish since July, and the Ichimoku Cloud continues to push prices lower, capping the little bounce early this month. This suggests we ought to prepare for a break below key support at US$1,180, perhaps in thin year-end conditions, with a first measured target at US$1,110 and a second one at US$1,065. Note that it is currently not oversold and the moving average convergence divergence is bearish.