Platinum (XPT) Sees a Downward Retracement While the General Trend Remains Intact

Recently, ever since the platinum market broke through the 1,000 price level, price activity has continued along a sharp upward trend. Although the market is currently experiencing a pullback after testing a psychological price level, price action remains largely afloat.

Key Price Levels

Resistance Levels: $1,300, $1,500, $1,700

Support Levels: $1,200, $1,000, $800

Platinum Pulls Back from the 1,300 Price Level

The XPT daily chart has been registering some notable price moves. The market had maintained its upward climb for most of the previous week, but the current pullback appears significant—even though the market has only retraced downward for two sessions.

The latest price candle on the chart stands just above the 9-day Exponential Moving Average (EMA) curve and appears quite prominent. Meanwhile, the Moving Average Convergence Divergence (MACD) lines are positioned above the equilibrium level and remain there despite the pullback. However, the terminals of the MACD lines are starting to bend toward a crossover. Nevertheless, an upside continuation still seems likely.

XPT Downward Retracement Appears Threatening

While price action in the platinum daily chart remains above key technical levels, the 4-hour chart suggests the ongoing retracement could intensify. This view is supported by the fact that price action has now fallen below the 9-day EMA line.

Additionally, the MACD histogram bars are solid red and below the equilibrium level. Although the MACD lines are still above equilibrium, they are moving downward toward it. Given this, the market currently has a bearish short-term outlook. Traders should pay close attention to market sentiment and external factors that may support a continuation of the trend toward the $1,233 price level.

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