Platinum Ascends Toward the $1,000 Price Level

A notable decrease in the supply of Platinum appears to have contributed to a moderate price recovery in the market. At this point, price action is positioned above key technical levels. Let’s analyze how the market may behave in the short term.

Key Price Levels
Resistance Levels: 990, 1,000, 1,025

Support Levels: 950, 925, 900

Platinum May Soon Rise Above the $990 Price Level.

The XPT market closed last week in the red after testing resistance at the $990 price level. The market experienced a notable surge on Thursday, which attracted short traders, solidifying the $990 resistance and triggering a minor pullback.

Despite this, price action remains above all Moving Average (MA) lines on the chart. Additionally, the Stochastic Relative Strength Index (Stochastic RSI) continues rising into the overbought region, signaling growing bullish momentum. Meanwhile, the 20-day and 50-day MA lines are converging below price action, hinting at the potential for further price increases.

XPT Sees a Bullish Bounce

On the Platinum 4-hour market, the ongoing session closed in the green, with the latest price candle appearing just above the 100-day MA line. This suggests that the market has rebounded upward.

Bullish momentum looks promising, as the 20-day and 50-day MA lines are converging, which could indicate an upcoming bullish crossover. Meanwhile, the Stochastic RSI lines are converged but have yet to deliver a clear crossover.
Given the appearance of the last price candle in this market, it seems likely that price action will break through the $990 resistance and move toward the $1,000 price level.

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