The platinum market attracted some buying interest toward the end of the previous week’s trading activity. This comes after the metal experienced a steep downward rejection upon hitting the 3,345 level, which marks a new all-time high.
Key Price Levels
Resistance: 2,500, 2,750, 3,000
Support: 2,000, 1,750, 1,500
Platinum May Have Found Support at the $2,000 Threshold
The XPT market appears to have staged a modest rebound from the 2,000 support level. Nevertheless, the metal still trades below the 9-day Exponential Moving Average (EMA).
Additionally, the lines of the Stochastic Relative Strength Index (SRSI) remain depressed in the oversold region. Even the terminals of the indicator are still slightly tilted downward, suggesting lingering bearish pressure.
XPT Is Making a Good Move
In the short term, the platinum market seems to be clinging to an important technical level. The most recent price candle, as of the time of writing, is a small green candle. It is also hugging the 9-day EMA curve, which may suggest the possibility of further upside movement.
However, price action crossing decisively above the 9-day EMA will be crucial to confirm this outlook. The SRSI lines are now tilting upward, indicating that bullish momentum may be building, and prices could potentially reach the 2,300 level in the near term.
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