Platinum (XPT) Resurfaces Above the $1,000 Price Level

The previous week’s supply deficit has set a bullish tone in the platinum market. As a result, this week’s balanced supply has sustained momentum, with a few ASAHI depositories missing out on supply in the recently concluded week. With this in mind, let’s examine the market outlook below.

Key Price Levels

Resistance Levels: $1,020, $1,050, $1,100

Support Levels: $1,000, $980, $950

Platinum Breaks Through the $1,000 Price Mark

Price action in the XPT daily market has finally breached resistance at the $1,000 price level. Earlier this year, it was noted that the supply of the precious metal might decline as the year unfolds, and this is now beginning to take effect, causing prices to surge past a medium-term resistance. The latest price candle is red but remains above all the Moving Average (MA) lines and the $1,000 price mark.

Meanwhile, the Stochastic Relative Strength Index (RSI) lines are still in the overbought region. However, their trajectory suggests that bullish momentum remains strong for now. Given the overbought condition, though, we may see a price pullback toward the $1,000 support level.

XPT Poised to Maintain Bullish Momentum

Price action in the Platinum 4-hour market suggests that the upward trend may continue despite potential resistance. Initially, price action showed a pullback through the last green dashed-shaped price candle on the chart. However, the price remains in the green and stays above all the MA lines, providing some protection against headwinds.

Meanwhile, the Stochastic RSI lines have fallen below the 70 mark due to the recent pullback. That said, a sideways movement can be observed in the indicator lines, suggesting that bullish forces may still be in control. This could push the market toward the $1,050 price level in the coming days. However, this outlook remains subject to demand, supply dynamics, and other influencing fundamentals.

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