Platinum (XPT) Rebounds Spontaneously

Over the week, the Platinum market has seen a spontaneous trend shift. At this point, it seems the market may still advance toward the next psychological resistance just up ahead. Let’s take a closer look at the market.

Key Price Levels

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

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

Platinum Bulls Snap Back at Headwinds

The XPT market has kept to a strong upward trend over the week. As such, price action can be seen catapulting upward even at a time when bears seem to be trying to maintain dominance.

As a result, the ongoing session is represented by a green price candle. This keeps price action afloat above the 9-day Exponential Moving Average (EMA) line.

Likewise, the lines of the SRSI indicator can be seen rising steeply into the overbought zone of the indicator. This technically aligns with the trend of things and suggests that upside forces may continue acting.

XPT Stays Focused on the $1,700 Ceiling

Platinum’s price activity, even on short-term charts, can be seen pushing further upward. The last price candle on this chart also stays green. Additionally, recent price activity can be seen still hovering above the 9-day EMA curve.

To that effect, the SRSI indicator lines remain in the overbought region and continue to hover there. As a result, this gives upside forces room to keep acting and propel the market upward. Therefore, traders can target the $1,700 price level.

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