Platinum (XPT) Trades Above the 2,000 Threshold

The platinum market has gained massive momentum, with which it raced through the psychological 2,000 price level. What’s more, the metal has been able to find a foothold above this price region and may continue.

Key Price Levels

Resistance: 2,200, 2,350, 2,500

Support: 2,100, 2,050, 1,950

Platinum Plants Feet Above the 2,100 Price Level

Even in the new year, the XPT market has been able to maintain its impressive performance. Toward the close of the previous year, the market had raced through the 2,000 ceiling to test price levels above the 2,400 mark.

Subsequently, momentum cooled and price action retreated toward the 2,000 price level. However, over the past six sessions, trading has been consolidating above the 9-day Exponential Moving Average (EMA) line. Meanwhile, today’s trading activity has remained green so far.

The lines of the Stochastic Relative Strength Index (SRSI) indicator have recoiled from the 100 mark and now carry a slight downward tilt. For what it’s worth, price action appears stable here for now.

XPT Upside Outlook Stays Consistent

Even on the platinum 4-hour price chart, it can be seen that price action has a similar base to that on the daily chart. Here as well, price activity has been able to remain above the 9-day EMA curve over the past three sessions.

Meanwhile, the last price candle remains green and continues to trade above the 9-day EMA. At the same time, the SRSI indicator lines can be seen rising steeply upward from the oversold region. Consequently, this market appears aligned for continued upward movement in subsequent sessions.

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