Platinum (XPT) Breaks a Key Resistance

The platinum market has continued its upward movement, as more and more traders join the trend. This has brought the metal to trade above the $1,600 price level, with the possibility of the market reaching even higher ground. More details about the market are provided below.

Key Price Levels

Resistance: $1,700, $1,800, $1,900

Support: $1,600, $1,500, $1,400

Platinum Bulls Aren’t Relenting

While the XPT market edged lower over the past week after briefly rising above the $1,600 price level, the ongoing session has recovered those previous losses. The latest price candle on the chart has pushed the market back above the $1,600 level.

Throughout this period, the market has remained above the 9-day EMA line. Although the Stochastic Relative Strength Index (SRSI) indicator lines previously showed a downward trajectory, they have now turned upward toward a potential crossover. The most recent green candle, despite earlier downward pressure, keeps hopes of a continued upward retracement alive.

XPT Keeps a Promising Outlook

On a shorter 4-hour timeframe chart, platinum’s price action still maintains an upward bias. The latest price candle remains green and stays above the 9-day EMA curve.

Furthermore, the SRSI indicator lines have maintained a steady upward trajectory since crossing below the 20 mark. The lead line of the SRSI has risen past the 70 mark and is now testing the 80 level, while the lag line has just moved above the 55 mark—indicating a notable gap between the two.

This suggests that price action could still advance toward the $1,650 level.

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