Platinum (XPT) Retreats Below 1,000 After Hitting 1,040

The platinum market advanced during the week, testing a new resistance level at $1,040. However, this attracted significant attention, prompting traders to take profits. This, combined with a stable metal supply, caused the market to decline.

Key Price Levels

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

Support Levels: $990, $980, $970

Platinum Retraces to a Lower Price Level

Price activity in the XPT daily market has succumbed to strong headwinds after testing the $1,040 level. Following this, the market declined for the next two sessions. Nevertheless, price action remains above all the Moving Average (MA) lines.

Additionally, the Stochastic Relative Strength Index (RSI) lines are moving toward the oversold region, with the lead line positioned below the 50 level. This suggests strong bearish pressure. However, the MA line may be a strong support level for price activity.

XPT Shows Potential for Recovery

Despite the bearish outlook on the platinum daily chart, the 4-hour price chart presents a more optimistic perspective. The most recent price candle has turned green, indicating a potential shift in market sentiment.

Although price activity had previously fallen below the 20-day and 50-day MA lines, it has now recovered above the 50-day MA. Additionally, the Stochastic RSI indicator lines have converged in the oversold region. These signals support the possibility of a price rebound above the $1,000 level in the coming week.

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