The price of Platinum has received a strong boost from the data provided by the CFTC Disaggregated Commitment. This shows that more traders are going long than short. This reinforces bullish confidence, causing the price of the metal to leap toward a psychological resistance level.
Key Price Levels
Resistance: $1,400, $1,500, $1,600
Support: $1,300, $1,200, $1,100
Platinum Eyes a Breach of the 1,400 Price Level
The XPT market on the daily chart has remained in the green. As a result, the last price candle on the chart stands positive and above an important technical base level such as the middle limit of the Bollinger Bands (BB) indicator.
The applied Stochastic Relative Strength Index (SRSI) indicator lines on this daily price chart have a steep upward bearing toward surpassing the 80 mark of the indicator. Also, the BB indicator is now shaping sideways as its upper and lower limits converge. Technically, this affirms that bulls are still dominant in this market.
XPT Sees a Modest Pullback Yet Stays Afloat
The last two sessions for the week on the Platinum 4-hour market have produced a bit of a bearish retracement. This can be seen as a downward rebound after price action tested the resistance formed by the upper band of the BB indicator.
The BB indicator has also started expanding, creating room for more upside price movement in this market. Price activity remains at a significant distance above the middle limit of the BB indicator. The SRSI indicator lines have also reached the overbought region but retain an upward bearing, suggesting that the upside retracement may continue toward the 1,400 mark.
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