Platinum (XPT) Trades Stay at Equilibrium

The Platinum market closed Friday at almost the same price level where it started the new week. This seems reasonable, given that warehouse data shows the supply of the metal remains more or less constant. More details lie below, so let’s dive in.

Key Price Levels

Resistance: $1,700, $1,750, $1,800

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

Platinum Has an Instantaneous Bearish Stance but Retains Bullish Potential

As mentioned earlier, the XPT market has remained relatively stable. However, the market dipped below the 9-day Exponential Moving Average (EMA) line during the week but soon recovered above it toward the close.

The last session of the week ended above the 9-day EMA, indicating that upward movement still has a solid foundation. The Stochastic Relative Strength Index (SRSI) lines have formed an upside crossover, but the lines are currently trending sideways. Consequently, this still suggests that buying activity is likely to continue and that the price may move higher.

 

XPT Price Hovers Around the 9-day EMA

The 4-hour Platinum chart shows that price movements have been somewhat erratic. The last price candle on this chart appeared red and showed minimal price change, given the small size of the candle.

The SRSI indicator lines display a generally sideways movement just above the 80 mark, with the terminal end showing a slight downward slope.

Nevertheless, the SRSI lines remain above the 9-day EMA curve, suggesting that bullish forces are still in control. Therefore, traders can maintain a bullish stance toward the $1,700 price level while keeping an eye on news that may impact the market.

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