Platinum (XPT) Edges Notably Higher

With an almost constant supply of platinum, according to available data, the price of this metal has edged higher. This appears to be largely due to more traders taking long positions, as revealed by the CFTC Commitment data. At this point, it seems further gains may still be seen.

Key Price Levels

Resistance: $1,600, $1,700, $1,800

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

Platinum Bulls Leapfrog Past the $1,500 Price Level

The platinum market was in the green for most of the previous week. Toward the end of the week, price action gained strong momentum, pushing through the $1,500 resistance.

The last daily candle on the chart is a green one, keeping the price above the $1,550 level and above the 9-day Exponential Moving Average (EMA) line. The Stochastic Relative Strength Index (SRSI) is in the overbought region, with the lead line now dragging sideways around the 100 mark.

XPT Stays on Course Toward the $1,600 Ceiling

With long positions piling up, price action in the XPT 4-hour market continues to close in on psychological resistance at the $1,600 mark. While the last two candles on the chart are red, they do not show notable downside pressure, as prices remain steady.

Furthermore, while the SRSI lines are still in the overbought region, they have begun a slight descent toward the 90 level. Therefore, traders can still keep their eyes on the $1,600 level, at least in the near term.

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