The platinum market has continued to recover from the previous price slump that occurred weeks ago. The market has recently rebounded off the $920 support level and has remained on an upward path ever since. Let’s take a closer look at the market below.
Key Price Levels
Resistance Levels: $980, $1,000, $1,020
Support Levels: $950, $920, $900
Platinum Closes the Week’s Trading in the Green
More recently, the XPT market has tended to move sideways, keeping price action trading largely between the Moving Average (MA) lines. The last price candle is green with moderate body size, showing that bullish forces have held their ground against bearish pressure.
Additionally, this price candle has placed the price of the futures contract above the 20-, 50-, and 100-day MA lines, suggesting that bullish momentum still has a chance to propel prices higher. The Stochastic Rate of Change (SROC) indicator maintains a slight upward slope below the equilibrium level. Technically, this supports the possibility of prices continuing to rise subsequently.
XPT Bulls Maintain Consistency
On the 4-hour chart, the Platinum market shows that price activity continues on an upward path even over shorter time frames. Here, the last price candle appears as a large green candle without upper or lower shadows, suggesting reduced market tension.
However, price action appears somewhat choppy, given the gaps between successive sessions. Nevertheless, price activity remains above the same set of MA lines as seen on the daily chart. Meanwhile, the SROC lines remain above the equilibrium level but are trending slightly sideways. Be that as it may, traders can maintain a bullish outlook, at least toward the $1,000 price level in this market.
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