Platinum (XPT) Regains Traction, Heads Toward 1,454

The Platinum market has been able to retain its base above key technical levels. Also, traders seem to have picked up a hint of how the market is going to proceed, seeing that the base holds. This has led to a notable upward recovery, with more likely to occur soon.

Key Price Levels

Resistance: $1,450, $1,500, $1,550

Support: $1,400, $1,350, $1,300

Platinum Market Sets an Upward Sail

Friday’s session in the XPT daily chart proved to be the most profitable in recent times. The corresponding price candle can be seen standing above the 9-day Exponential Moving Average (EMA) curve.

At the same time, the Stochastic Relative Strength Index (SRSI) indicator lines can be seen to have delivered an upward crossover above the 40 threshold level of the indicator. The last price candle on this chart looks conspicuous enough to hint that bulls have a strong stand in the market. Therefore, considering this, it appears this market is predisposed to proceeding higher.

XPT Support Holds

The metals market witnessed a bearish pullback in the closing hours of Friday’s trading activity. However, the market was able to keep standing above the 9-day EMA curve even in a 4-hour price chart.

At the same time, the SRSI indicator lines are now retracing toward lower thresholds but remain above the 80 mark of the indicator. The fact that the SRSI lines are still above the 80 level suggests that upside forces are still very much at an advantage. Therefore, despite the pullback, it seems the market may bounce right back toward the 1,450 mark.

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