The platinum market maintains a balanced supply, which limits significant price gains. However, as dictated by demand and supply forces, the market continues to flirt with the 1,000 threshold level. Be that as it may, the market may soon find support above this psychological price level.
Key Price Levels
Resistance Levels: $1,000, $1,020, $1,050
Support Levels: $980, $960, $940
Platinum Retraces to a Lower Price Level
Price activity in the XPT/USD market remains above key technical levels. The last price candle corresponding to Friday’s trading session stands above all the moving average (MA) lines. This remains the case despite a pullback below the 1,000 price level that occurred during the session.
Additionally, the movement of the Stochastic Relative Strength Index (Stochastic RSI) appears overly sensitive, as it has delivered a downward crossover in the oversold region due to the moderate downward retracement of prices. Nevertheless, this suggests that prices may not fall significantly before rebounding upward.
XPT Still Wants to Resurface Above the 1,000 Price Level Shortly
While the platinum market appears somewhat choppy on the 4-hour price chart, upside forces show resilience. This has led to the formation of a green price candle in the closing session of Friday’s trading. The mentioned price candle keeps prices above most of the MA lines on the chart, sustaining hopes for further price increases.
The Stochastic RSI line remains above the 80 threshold, indicating that price action may continue to hold firm despite the crossover signal from this indicator. Therefore, setting a target at the 1,020 price level appears reasonable.
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