Platinum (XPT) Dips Toward the $1,300 Level

The Platinum market has seen a notable decline in price. This downward retracement has lasted for over a week, resulting in a significant drop. The decline appears to be driven by investors adopting a more bearish stance.

Key Price Levels

Resistance: $1,500, $1,550, $1,600

Support: $1,350, $1,300, $1,250

The 1,300 Baseline Holds for XPT

The platinum market has slid downward but remains above the psychological baseline at the $1,300 level. As of the time of writing, the metal trades at precisely $1,314. The Stochastic Relative Strength Index (SRSI) has fallen into the oversold region and still maintains a downward trajectory.

Meanwhile, the Bollinger Bands (BB) indicator shows a sideways movement. The most recent price candle is green and slightly contracted upward, suggesting that the market may hold above the $1,300 baseline.

Platinum Price Moves Northward but Remains in Bearish Territory

Over the past two sessions, price activity in the XPT market has shifted slightly upward. However, trading activity remains below the middle band of the BB indicator, signaling continued bearish sentiment. The latest price candle appears small, indicating low momentum.

Meanwhile, the SRSI line has risen to a notable level, with its leading line now slightly above the 58 mark. This suggests that bullish momentum may be short-lived. As such, the middle band of the BB indicator—around the $1,360 level—could serve as a strong resistance point going forward.

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