Platinum (XPT) Hits 1,430

The Platinum market closed the week’s trading activity in the green. This suggests that investors are already buying into the market. With price action testing a psychological resistance level, it appears this market is entering an upside phase.

Key Price Levels

Resistance: $1,450, $1,500, $1,550

Support: $1,400, $1,350, $1,300

Platinum Bulls Looking Strong

Price activity in the XPT daily market signals a strong bullish movement. The session closed with buyers scoring a big win, as seen in the size and structure of the last price candle on the chart. The current price of the metal remains above the 9-day Exponential Moving Average (EMA) line.

The lines of the Stochastic Relative Strength Index (SRSI) are in the oversold region but have turned upward, approaching a crossover. Such a crossover at this point would signal that price action may climb higher toward the $1,454 resistance, which has served as a barrier in the medium term.

XPT Stays Resilient

The Platinum market has sustained its upward momentum for roughly seven sessions, as seen on the latest 4-hour price chart. The last price candle formed is green and slightly dashed in shape. Nevertheless, it remains above the 9-day EMA curve.

This indicates that bullish forces are still present and may resume action. The SRSI lines are rising into the overbought zone, and most recently, the indicator line successfully rejected a potential trend reversal. At this stage, the market seems poised to breach the $1,450 level and possibly advance toward $1,500.

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