Platinum (XPT) Consolidates, and Looks Vulnerable

Price activity in the Platinum (XPT) market has shown little upward momentum since the beginning of the previous week. In fact, the metal’s price spent most of the week consolidating below key technical levels. This reflects a rather gloomy outlook for the commodity.

Key Price Levels

Resistance: $1,600, $1,650, $1,700

Support: $1,550, $1,500, $1,450

Platinum Shows Signs of Weakness

The Platinum market has struggled to make any significant progress since last week. The metal has remained below the 9-day Exponential Moving Average (EMA) for the past three sessions.

Additionally, the Stochastic Relative Strength Index (SRSI) indicator lines are moving sideways after forming a crossover in the oversold region. The current sideways trajectory of the SRSI provides little to no bullish signal, suggesting continued weakness in momentum.

XPT Price Vulnerability Remains Evident

On shorter timeframes, Platinum’s price movement continues to stay below key technical indicators. The latest price candle appears green but shows minimal price change, remaining under the 9-day EMA line. This behavior reinforces the market’s short-term bearish outlook.

Similarly, the applied SRSI indicator on this timeframe shows a bearish crossover just below the 80 level. This indicates that sellers remain in control of the market’s direction.

Consequently, traders may consider targeting the $1,525 price level for short-term bearish opportunities.

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