Platinum (XPT) Maintains Momentum, Eyes a Convincing Break Above the $1,400 Price Level

The platinum market has been performing strongly in recent sessions. Currently, market participants are watching closely for a convincing breach of the psychological resistance at the $1,400 price level. Judging by recent price behavior, this outcome appears increasingly likely.

Key Price Levels

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

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

Platinum Bulls Maintain Strong Position

From a technical standpoint, the XPT daily chart suggests that the market holds a solid chance of climbing further. The Bollinger Bands (BB) indicator appears to be narrowing slightly at the terminal end—often a sign of an impending breakout. Price action remains above the middle band of the BB indicator, and the latest candle is bullish, signaling potential for continued upward movement.

Meanwhile, the Smoothed Rate of Change (SROC) indicator line remains above the equilibrium level, though it is showing a slight downward slope. Despite this, the market still demonstrates a strong probability of maintaining its bullish momentum.

XPT Market Holds Steady

On the Platinum 4-hour chart, price action has climbed above the upper band of the BB indicator. The most recent candle sits just above this limit and is bullish, further reinforcing the idea that upward pressure is still in play. Additionally, the narrowing of the BB bands supports the potential for a strong breakout.

The SROC indicator is now trending sideways around the equilibrium level, suggesting a period of consolidation that may soon give way to further gains. If current momentum holds, the XPT market could soon test the $1,425 resistance level.

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