Platinum (XPT) Rockets Through the 1,700 Ceiling

The CFTC Disaggregated Commitment data has helped to reveal the reason behind the sudden price surge. It could be seen that Platinum has attracted some buying. Let’s try to find out more from its price action below.

Key Price Levels

Resistance: $1,800, $1,850, $1,900

Support: $1,750, $1,700, $1,650

Platinum Pumps at the Close of the Week

It is visible that while XPT price action has been mostly bearish on the daily chart, price action here hasn’t surrendered its support above the 9-day Exponential Moving Average. As a result, anticipation that the market may continue upward met with favorable conditions.

As such, this resulted in a strong upward rebound, which has brought the market significantly higher above the 9-day EMA. Also, the terminal part of the Stochastic Relative Strength Index (SRSI) indicator lines is beginning to diverge and rise steadily upwards in the overbought region, hinting that the market may edge higher.

XPT Buyers Remain Active

In the medium term, it is clear that some traders are going short. As such, this resulted in the market rebounding downwards. Nevertheless, the last red price candle on the chart can be seen having a lower shadow, which hints that buying is taking place in the market, which has caused the upside contraction.

Also, trading remains above the 9-day EMA curve. Furthermore, the SRSI indicator lines are above the 80 mark of the SRSI indicator. However, the lines of the indicator have already delivered a downward crossover due to the ongoing session. Albeit, since trading remains above the 9-day EMA curve, there is hope of advancement towards the $1,800 mark.

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