Platinum’s price action has shown an impressive recovery after a downward retracement following the market’s breakout above the $975 resistance. This rebound appears to result from the supply constraints affecting the metal. Additionally, platinum is finding more industrial applications, making it increasingly useful and in high demand.
Key Price Levels:
Resistance Levels: $975, $1,025, $1,050
Support Levels: $950, $900, $850
Platinum Bounces Off the $950 Price Level
As mentioned earlier, XPT’s price has rebounded off the support at the psychological level of $950. The corresponding price candle has lifted platinum above the 61.80% Fibonacci retracement level.
Furthermore, it has kept the metal trading above the converging 20- and 50-day moving average (MA) lines. Simultaneously, the Stochastic Relative Strength Index (RSI) lines are converging, signaling a bullish crossover at the 50 level of the indicator. Technically, price action appears poised to benefit from the developing tailwinds in this market.
XPT Market Stays on Track Toward the $980 Mark
On the 4-hour chart, platinum’s price action appears somewhat choppy. Nevertheless, the price candle corresponding to the ongoing session is positioned above all the MA curves on the chart. Additionally, shorter-term MA lines, such as the 20-, 50-, and 100-day MAs, are converging below the price action.
The Stochastic RSI lines are still rising into the overbought region of the indicator. Consequently, this market demonstrates bullish potential, which may lead to a breach of the $975 resistance and a subsequent attempt to break the $980 price level.
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