Platinum (XPT) Stays Focused on Breaching the 1,000-Mark

Ever since the price action in the Platinum market crossed above the 980 price level, it has continued trading around that range. Furthermore, price action in this market has attempted to breach the 1,000 price level but has faced setbacks due to a balanced supply. This solidifies the 1,000 ceiling above the price action.

Key Price Levels:

Resistance Levels: 1,000, 1,025, 1,050

Support Levels: 975, 950, 925

Platinum Is on the Right Track to Breach the 1,000 Threshold

Over the past five sessions, XPT’s price action in this market has remained above all the Moving Average (MA) curves. Meanwhile, in the last two sessions, price action has been testing the 1,000 price level without successfully breaching it. However, the most recent price candle briefly broke through this level before being pulled back below it.

Nevertheless, Friday’s session ended in the green. Consequently, the Stochastic Relative Strength Index (RSI) lines maintain an upward trajectory in the overbought region. Technically, this increases the probability that price action will continue moving upward in the near term.

XPT Retains Favorable Grounds Despite Rejection

The Platinum market, as seen on a 4-hour price chart, has revealed ongoing market dynamics. The closing 4-hour session of Friday’s trading favored the bears. Nevertheless, price action remained above all the MA lines on the chart. The downward contraction of the last price candle suggests that buyers are hesitant to push further.

Meanwhile, the upper shadow of this candle tested the 1,000 price mark precisely. The Stochastic RSI lines still exhibit an overall upward trend, though there is a slight deflection on the lead line, reflecting the price shift indicated by the last price candle. Nevertheless, it appears likely that price action will breach the 1,000 mark and approach the 1,025 price level shortly.

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