With the Platinum market seeing only slight changes in its supply, the metal has only been able to post a fair recovery from the latest price dip. This has kept the market floating just around key technical levels. As such, the new week may offer more trading opportunities for long traders.
Key Price Levels
Resistance: $1,750, $1,850, $1,950
Support: $1,600, $1,550, $1,450
Platinum Bulls Trying to Keep Calm
The XPT market can be seen to have made a moderate recovery from the previous price slump in the market. As a result, the ongoing session has appeared as a hammer price candle just below the 9-day Exponential Moving Average (EMA).
The Stochastic Relative Strength Index (SRSI) indicator lines can be seen standing in the oversold region. However, the terminal of the indicator has an upward bearing. Technically, this aligns with the short-term performance of the market during the week. As such, this market has bullish hope that may set the stage for more upside advancement.
XPT Traders’ Bullish Outlook Stays Prominent
Scaling to a Platinum market of 4 hours, things seem a little bit more interesting. The last price candle here is a green one. Also, it has an upward-compressed body, giving the form of a spinning top price candle.
In addition, it keeps hugging the 9-day EMA curve. Meanwhile, the SRSI indicator lines have an upward trajectory with their terminals converged for a crossover. This points to the fact that this market is gearing up for some more upward movement. Therefore, traders can anticipate more upside retracement toward the $1,700 price level.
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