Platinum (XPT) Looks Trapped Below 1,700

The Platinum market has been hovering above key levels throughout the week. Although the market has been in the red during this period, there hasn’t been a significant downward retracement. This may be due to expectations surrounding the US dollar ahead of the upcoming interest rate decision.

Key Price Levels

Resistance: $1,700, $1,750, $1,800

Support: $1,650, $1,600, $1,550

Platinum Bulls Are Active Against the Odds

Trading activity on the XPT daily chart shows the market retaining support at the 9-day Exponential Moving Average (EMA). Tuesday’s trading session was disappointing as the market pulled downward.

For the rest of the week, bears were visibly active, but bulls managed to provide some counterbalance, keeping prices above the 9-day EMA curve.

The final session of the week closed red but remained slightly above the 9-day EMA. Meanwhile, the Stochastic Relative Strength Index (SRSI) lines formed an upside crossover around the 70 mark, which aligns with the slight uplift seen in the market.

XPT Assumes a Shaky Short-Term Outlook

On the 4-hour Platinum price chart, signs of upward pressure are visible, reflected in the last two green candles. However, their small size is a drawback, and the latest candle sits slightly lower than the one before it. Even so, trading remains above the 9-day EMA line.

The SRSI indicator lines are turning downward, having crossed below the 50 level, suggesting weakening momentum. Therefore, traders may need to monitor upcoming US fundamentals, which could weigh on the market and trigger declines. Nonetheless, from a technical perspective, the market still has the potential to retest the $1,700 level shortly.

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