Platinum (XPT) Still Finds Bids to Keep It Afloat

The CFTC Disaggregated Commitment data has also revealed the forces backing the Platinum market. Considering recent movements, it appears buyers are having mixed feelings, shaped largely by fundamentals surrounding the metal. Nevertheless, this market has managed to stay afloat, edging slightly higher against the odds.

Key Price Levels

Resistance: $1,400, $1,500, $1,600

Support: $1,300, $1,200, $1,100

Platinum Strangely Sustains Bullish Sentiment

The XPT market on the daily chart shows strange characteristics. This can be observed from the appearance of the recent price candle alongside the last one on the chart. The mentioned price candle appears red but has leapt off the support provided by the middle band of the Bollinger Bands (BB) indicator and is now testing the uppermost band of the BB indicator.

Yet, it is shaped like a spinning-top price candle. This suggests that price forces are in action. Simultaneously, the Stochastic Relative Strength Index (SRSI) curves have just delivered an upward crossover below the 50 level of the indicator. Therefore, this remains consistent with a bullish outlook for this market.

XPT Steadily Approaches the $1,400 Threshold

In the Platinum 4-hour market, price action can be seen making impressive and continued progress toward the $1,400 price mark. The last price candle on the chart is green and stands above the uppermost band of the BB indicator. As a result, the SRSI indicator lines can be seen proceeding sideways at the 100 level.

This technically aligns with the fact that price action has been pushing its way upwards and past the uppermost band of the BB indicator. At this point, it seems logical to anticipate a pullback toward the $1,350 price level before a stronger upward thrust through the $1,400 price mark.

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