Platinum (XPT) Bulls Gallop Toward the 1,500 Price Mark

Since the Platinum market recently broke through the 1,000 price level, it has continued trending upward. As a result, price action has breached the 1,100, 1,200, and 1,300 levels. The precious metal recently tested the 1,400 resistance but has not yet been able to clearly break through that mark.

Key Price Levels

Resistance Levels: 1,400, 1,500, 1,600

Support Levels: 1,300, 1,200, 1,100

Platinum Appears Ready to Break the 1,400 Level

The XPT market is currently trading above the 1,350 price level. In fact, the 1,400 level has been tested for a breakout over the past two sessions. Today’s session, as of the time of writing, offers hope that the market may extend its upward correction through this psychological barrier, as it stands above the 9-day Exponential Moving Average (EMA) line.

Additionally, the current price candle is bullish, appearing green and positioned above the 9-day EMA curve. Furthermore, the Moving Average Convergence Divergence (MACD) indicator lines remain above the equilibrium level. Consequently, bullish momentum appears to have the upper hand.

XPT Remains Well-Supported at High Altitude

On the 4-hour Platinum chart, price action continues to show upward consistency. The latest price candle is still positioned above the 9-day EMA curve and also maintains a bullish appearance.

Likewise, the MACD indicator stands well above the equilibrium level. Moreover, the ends of the MACD lines are beginning to shape into an upside crossover, also above the equilibrium line. Technically, this suggests that price action is poised to continue upward, and the market may be on course to reach the 1,450 price level.

Make money without lifting your fingers: Start trading smarter today