Platinum (XPT) Pulls Back Toward the 1,050 Price Level

There have been some fluctuations in the supply of the precious metal platinum over the past few days. This appears to have played a pivotal role in pushing the metal’s price above the $1,000 mark. Without further delay, let’s analyze the metal’s price action below.

Key Price Levels

Resistance Levels: 1,100, 1,150, 1,200

Support Levels: 1,050, 1,000, 950

Platinum Remains Favored and may Advance Toward the $1,100 Mark.

Price action on the XPT daily chart recently tested resistance around the $1,100 level. However, this level proved to be a strong barrier, as price action rebounded downward from it. The market has edged lower over the past week. Nonetheless, trading activity still holds above the middle band of the Bollinger Bands.

The most recent candlestick is red, suggesting that price action could continue to move lower in the short term. Despite this, the Smoothed Rate of Change (SROC) indicator lines remain above the equilibrium level. Consequently, even if the downward retracement continues, a rebound could occur before the price reaches the middle Bollinger Band.

XPT Traders May Anticipate an Upward Rebound

On the 4-hour chart, price action in the platinum market has pushed strongly against the lower boundary of the Bollinger Bands. The latest candlestick is red with a very small body, indicating weakening bearish momentum. In line with the typical behavior around the Bollinger Bands, a rebound is expected when prices test the outer limits.

Meanwhile, the SROC indicator remains above the equilibrium level, supporting the possibility of an upward rebound. Therefore, market participants may continue to watch for a potential move toward the $1,100 price level.

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