The platinum market has been struggling since it last tested the 1,600 threshold. Recent CFTC data shows a sizeable amount of bearish pressure in the market. However, price action has been consolidating just above the 1,500 level. Let’s examine the market more closely below.
Key Price Levels
Resistance: $1,550, $1,600, $1,650
Support: $1,500, $1,450, $1,400
Platinum Keeps Its Footing Above 1,500
Although the XPT market has been choppy in recent sessions, it continues to trade above the 1,500 price level.
Meanwhile, price action remains below the 9-day Exponential Moving Average (EMA), with the latest price candle on the daily chart appearing compressed and red.
The SRSI indicator lines are slightly tilted upward and are converging toward a potential crossover. The Stochastic Relative Strength Index also stands just above the 20 mark, maintaining an upward trajectory.
XPT May Hold Short-Term Opportunities
A closer look at the platinum market on the daily chart reveals that price action has recently rebounded off the 1,500 support level. This rebound has lifted the market just slightly above the 9-day EMA curve.
The SRSI indicator has also produced an upward crossover just above the 20 level, with both lines now maintaining a bullish trajectory.
Traders may keep an eye on this market for a clear break above the 9-day EMA line, which could support a stronger bullish continuation toward the 1,550 and 1,600 price levels.
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