Platinum (XPT) Retains the 2,000 Baseline

The Platinum CFTC Disaggregated Commitment data has revealed that the market holds a sizeable number of long positions. Nevertheless, the metal has not been able to generate strong upward momentum and has continued to oscillate.

Key Price Levels

Resistance: 2,100, 2,200, 2,300

Support: 2,000, 1,900, 1,800

Platinum Fluctuates Above the 2,000 Threshold

While the CFTC Disaggregated Commitment data shows that the XPT market has recorded some sizeable gains, this has not generated enough lift for sustained upside movement. As a result, the metal still trades below the 9-day Exponential Moving Average (EMA).

The latest price candle appears green but is small and shows little movement. Moreover, it has formed below the 9-day EMA curve, suggesting weakness in the broader trend. The lines of the Stochastic Relative Strength Index (SRSI) indicator are moving sideways and remain below the 10 mark.

XPT Consistently Shows Vulnerability

Overall market sentiment suggests that upside forces in the Platinum market remain largely vulnerable. Although the market has risen slightly, trading continues below the 9-day EMA curve. The most recent price candle appears dashed and hints at a rejection near the EMA.

Meanwhile, the SRSI shows a slight upward trajectory but still remains below the 50 mark. This suggests that the market may struggle to achieve significant upward movement in the short term. However, traders may need to pay closer attention to fundamentals, as these could provide early signals regarding a possible move toward the 2,500 level.

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