Platinum (XPT) Falls Back Below $1,000 Price Level

The platinum market can be seen as subject to the laws of demand and supply. This is because the market currently has a balanced supply of the metal. As a result, a level playing field has been created, and prices have fallen below the previous $1,000 price mark. Nevertheless, this market remains favorably positioned for an upside recovery.

Key Price Levels

Resistance Levels: $1,000, $1,025, $1,050

Support Levels: $975, $950, $925

Platinum Outlook Stays Positive Despite Pullback

The XPT daily market is now trading below the $1,000 threshold. However, the overall market outlook from a technical indicator standpoint suggests that price activity may recover and move upward again.

The last price candle on the chart is a green one, indicating the upward momentum of the middle Bollinger Band. Similarly, the Bollinger Bands themselves still maintain an upward trajectory, reflecting the market’s overall bullish trend.

The Moving Average Convergence Divergence (MACD) lines are now above the equilibrium level and appear to be adopting a slight upward slope, as indicated by the direction of the indicator’s terminal points.

XPT Looks Choppy but Positive

On the 4-hour chart, the platinum market appears somewhat unstable, based on the recent price of candles. Small green candles are scattered around the middle Bollinger Band. Additionally, the last price candle on this chart is green, although it has appeared below the equilibrium level.

Likewise, the Bollinger Bands indicator maintains a slight upward trajectory, which remains consistent with its behavior on the daily chart. However, the MACD lines have fallen toward the equilibrium level. Still, the indicator’s lines do not appear ready to fall below this threshold, judging by the movement of their terminal ends.

Therefore, traders can anticipate a potential breakout above the $1,000 price level, possibly extending toward the $1,025 resistance mark.

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