Once more, the law of demand and supply has played out in the Platinum market. As revealed by the metal’s warehouse stock data, there hasn’t been enough shortage of the metal to grant traction to its price movement. This brought the market lower at the close of the week, with investors closing their positions.
Key Price Levels
Resistance: $1,600, $1,650, $1,700
Support: $1,550, $1,500, $1,450
Platinum Retreats Below Key Technical Levels
While price action managed to float above the 9-day Exponential Moving Average (EMA) line over the week, Friday’s session brought a notable setback. As a result, the corresponding price candle on the chart dipped the market below the 9-day EMA curve.
The Stochastic Relative Strength Index (SRSI) indicator lines have exited the overbought region after delivering a downward crossover. This strengthens bearish sentiment and may pull prices further downhill.
XPT Price Bounces in Bearish Territory
The Platinum market, even on shorter time frames, has rebounded in a positive direction. Nonetheless, the last price candle stays below the 9-day EMA curve despite its bullish appearance.
The lines of the SRSI indicator have reached the oversold region and delivered an upside crossover there.
Albeit, upside movement remains quite overwhelmed and may not be banked on just yet. As such, this market may still head toward the $1,550 baseline. Therefore, traders should monitor fundamentals that may stimulate a shift in the market.
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