While earlier this year it was speculated that Platinum might see notable tailwinds due to supply shortages, the metal has not experienced significant upward momentum. Instead, a balanced supply, along with shifts in interest, continues to influence price movements. Currently, price action in this market is dipping, so let’s take a closer look below.
Key Price Levels:
Resistance Levels: 990, 1,000, 1,025
Support Levels: 950, 925, 900
Platinum Faces Further Headwinds
The XPT market closed in the red on Friday. The last price candle on the daily chart showed a dip, pushing prices lower. This keeps price action from falling below the Moving Average (MA) lines.
At the same time, the Relative Strength Index (RSI) lines remain burdened in the oversold region. As a result, the lines of this indicator continue to drag sideways in the oversold zone, presenting a strong headwind for price movement in this market.
XPT May See Short-Term Gains
The Platinum 4-hour market shows a different trend regarding price direction. The appearance of the price candles suggests that the market is rebounding upward. Although the market remains somewhat subdued, it seems likely that price action will see short-term gains.
The last price candle on the chart currently stands above the 200-day Moving Average lines, with no upper or lower shadows. Likewise, the Stochastic RSI lines follow a general upward trajectory, despite a deflection on the leading line. Therefore, market participants may target short-term gains towards the 980 price level.
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