The CFTC Commitment data revealed that Platinum was able to attract some long trades. However, it seems selling pressure still carries notable weight and keeps the market largely sideways.
Key Price Levels
Resistance: 2,400, 2,550, 2,700
Support: 2,300, 2,150, 2,000
Platinum Sits on a Key Base
While price activity in the XPT daily market has been able to stay above the 2,000 baseline, it can be seen that the latest session is bearish. Albeit, it sits just above the 9-day Exponential Moving Average (EMA) line.
Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines are in the oversold region of the indicator but are maintaining a slight upward bearing as the lines remain merged. However, traders may not want to get too ambitious just yet in this market.
XPT Looks Flat
The Platinum market, even on shorter time frames, seems to lack direction. The last price candle here is a small green one and shows little movement. Also, it keeps the asset trading below the 9-day EMA curve.
Meanwhile, the SRSI indicator lines are bent toward an upside crossover in the oversold region. Traders can monitor economic developments that may affect the crossover. As such, traders can watch for the market to rise back above the 9-day EMA before targeting the 2,400 price level.
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