Platinum (XPT) Sees a Strong Rejection

The Platinum market has recorded significant growth over the past few months. The upward movement has been strong and notable at times, while at other points, it merely sustained previous gains. However, the market recently faced a strong rejection at the $1,750 price level, warranting closer examination.

Key Price Levels

Resistance: $1,750, $1,850, $1,950

Support: $1,600, $1,550, $1,450

Platinum Bulls Seem Shaken

Although the XPT market has made impressive progress in recent weeks, the ongoing session shows a strong pushback. This decline has brought the metal’s price below the 9-day Exponential Moving Average (EMA) curve. The drop appears quite substantial for a single session, though price action remains in contact with the EMA line.

The Stochastic Relative Strength Index (SRSI) indicator lines are slightly tilted upward and positioned above the 20 level of the indicator. However, a minor deflection can be seen on the lead line, hinting at a potential bearish crossover. Despite this, since the SRSI has held relatively firm against the recent dip, it suggests that upward momentum may soon resume.

XPT Traders Silently Take Bullish Stands

On the 4-hour Platinum chart, downward forces remain dominant. However, price activity shows slight upward movement.

The previous session’s candle was bearish, and the ongoing session continues along that path — yet the latest price candle is positioned slightly above the previous session’s opening price, suggesting a mild recovery toward the 9-day EMA curve.

The SRSI indicator lines have quickly descended into the oversold region, implying that bearish momentum may soon weaken. Consequently, the market appears likely to make another attempt toward the $1,750 price level.

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