Platinum (XPT) Sees a Pullback

Recently, price action in the XPT daily market broke through the psychological resistance at the 1,000 mark. However, an excess supply of the metal has impeded a continued upward price correction. As a result, the market has regressed but currently remains above key technical levels.

Key Price Levels:
Resistance Levels: 990, 1,000, 1,025
Support Levels: 980, 950, 925

Platinum’s Price Activity Sustains Above Crucial Support

XPT Price action on the daily chart has recently featured mostly green price candles. However, downward pressure has forced the market to retreat below the 20- and 200-day Moving Average (MA) lines. The latest price candle appears contracted but remains green above the 50- and 100-day MA curves.

Furthermore, the Stochastic Relative Strength Index (RSI) lines have reached the depths of the oversold region and are currently converging there. Combining this with the fact that the ongoing session remains largely bullish, traders can anticipate an upward rebound in the market.

XPT Stabilizes Above the 100-day MA

On the Platinum 4-hour chart, price action has remained just above the 100-day MA line. The latest price candle confirms that the metal’s price is holding above this key technical level. Additionally, at this point, the Stochastic RSI lines have converged for a crossover just below the 50 level of the indicator.

This aligns with the appearance of a green price candle on the chart, suggesting a possible upward rebound. Moreover, the market appears to have a short-term upward trend, increasing the likelihood of price action approaching the 1,000 mark once again.

Make money without lifting your fingers: Start trading smarter today