Platinum (XPT) Price Continues to Leap

Strong volatility has set into the platinum market. What’s more, this has been propelling the market in a positive direction. Currently, the valuable metal trades are above the $1,200 price mark and further increases may occur shortly.

Key Price Levels

Resistance Levels: 1,250, 1,500, 1,750

Support Levels: 1,100, 1,000, 900

Platinum Sees a Sharp Rejection but Stays Afloat

On the XPT daily chart, price action has gained significant upward momentum, causing it to move in leaps and bounds. However, the most recent price candle appears red and large, signaling a sharp rejection.

Nevertheless, the metal is trading at an impressive high of $1,223. Price activity also remains above the 9-day Exponential Moving Average (EMA) curve.

Similarly, the Moving Average Convergence Divergence (MACD) indicator lines remain above the equilibrium level. The trajectory of the MACD lines stays upward, while the latest bar on the indicator appears pale green, reflecting the recent sharp downward rejection. Be that as it may, the overall sentiment in this market maintains that price activity may still proceed upward.

XPT Price Action Around Promising Levels

Trading activity in the platinum 4-hour chart reflects the latest developments in this market. Here, price action has just dipped below the 9-day EMA line. The last two price candles are green, suggesting that upward momentum is still present.

Meanwhile, the MACD indicator lines remain above the equilibrium level despite a bearish crossover. Also, the MACD histogram bars appear below the equilibrium line.

Consequently, this market may experience a brief downward retracement, but traders can anticipate a potential rebound from the $1,200 baseline.

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