Platinum (XPT) Keeps Base Above 1,325

Although Platinum closed in the red, sizeable long positions appear to have kept the metal holding above key levels. This can be observed through the CFTC Disaggregated Commitment report, which revealed that there are more bullish investors than bearish ones.

Key Price Levels

Resistance: $1,400, $1,500, $1,600

Support: $1,300, $1,200, $1,100

Platinum Sees Moderate Rejection at the Middle Bollinger Band

The XPT market has been somewhat sluggish over the past week. As a result, price action has remained below the middle band of the Bollinger Bands (BB) indicator. The latest price candle revealed that bears defended the $1,370 level, pushing the market downward following a test of that resistance.

Meanwhile, the Stochastic Relative Strength Index (SRSI) indicator lines are rising steeply upward from the oversold region. Consequently, upside forces still appear likely to regain control of price action in this market.

XPT May Leap Upwards

On the 4-hour chart, the Platinum market has shown contraction. The latest price candle is positioned between the middle and upper bands of the BB indicator and appears as a small green, dashed-shaped candle.

Furthermore, the SRSI indicator lines are converging for a potential crossover just below the 50 level. Despite the recent contraction, the fact that price action remains above the middle band of the BB indicator supports the outlook that market participants may witness a bullish breakout toward the $1,400 price level.

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