Platinum (XPT) Fixes Gaze on the 1,700 Mark

The Platinum market has managed to maintain a high altitude over the past week. This is largely because the metal has continued to retain its shine. Although the $1,700 price level remains a strong resistance point, bullish forces have been able to sustain a significant level of control.

Key Price Levels

Resistance: $1,750, $1,850, $1,950

Support: $1,600, $1,550, $1,450

Platinum Finds a Good Perch

While price action on the XPT daily chart recently bounced downward from the $1,700 level, the downward move had only a minimal effect. The latest price candle in this market is, however, a green one, showing that buyers are still active.

Notably, the candle has taken support above the 9-day Exponential Moving Average (EMA) line. Meanwhile, following the minor pullback, the Stochastic Relative Strength Index (SRSI) indicator lines have produced a downward crossover, which seems contrary to the current market stance above the EMA line.

XPT Still Edging Toward Upward Recovery

On the daily chart, the Platinum market still shows signs that bullish momentum is holding firm. The latest price candle remains green, although price action still lies slightly below the 9-day EMA curve.

The SRSI indicator lines are positioned in the oversold region but are trending upward following a recent bullish crossover. This upward trajectory aligns with the latest price candle and signals that buying pressure continues to dominate.

Therefore, there appears to be a short-term buying opportunity in this market, with potential movement toward the $1,700 level initially and possibly higher levels thereafter.

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

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