Platinum (XPT) Breaches the 1,000 Threshold

The platinum market is now trading above the 1,000 price level. This appears to be due to significant changes in the supply of the precious metal, as well as shifts in long and short positions. Increased buying activity in the market has led to notable price surges, pushing prices above the 1,000 mark.

Key Price Levels

Resistance Levels: $1,050, $1,100, $1,150

Support Levels: $1,000, $950, $900

Platinum Market Hits a Bullish Suppression Mark

On the daily chart, the XPT market has been on an upward trajectory since rebounding from the $920 support level. Friday’s session was particularly significant, as prices surged past the $1,000 level to test the $1,100 mark.

However, this move appears to have triggered a wave of short traders, initiating a market pullback. The Bollinger Bands are beginning to widen upward, and the latest price candle remains green. Additionally, the Moving Average Convergence Divergence (MACD) lines continue to rise above the equilibrium level. The histogram bars also remain green and above the equilibrium, indicating that buyers are still in control.

XPT Buyers May Have Sustained the Upward Correction

A new session has begun on the platinum 4-hour chart, and bullish momentum continues to dominate. The most recent price candle remains above the midline of the Bollinger Bands, and the session remains positive.

The MACD lines are still positioned above the equilibrium, and the histogram bars appear green and above the zero line.

Despite a slight downward contraction—reflected in the most recent histogram bar—the overall market still shows bullish potential. Consequently, the market may experience a steady retracement toward the $1,050 level, though with potentially choppy price action.

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