- Analytics
- News and Tools
- Market News
- Platinum Price Analysis: XPT/USD crosses 200-SMA as MACD teases bulls
Platinum Price Analysis: XPT/USD crosses 200-SMA as MACD teases bulls
- Platinum portrays the first daily gains in four despite recent pullback from intraday high.
- MACD, RSI favor upside break of 200-SMA to keep buyers hopeful.
- Two-week-old rising trend line limits short-term downside, bulls approach 61.8% Fibo.
Platinum (XPT/USD) prices remain firmer around $975.00 while snapping the three-day downtrend heading into Tuesday’s European session.
In doing so, the precious metal pierces the 200-SMA, as it did on Friday before refreshing a one-week low.
However, the MACD conditions are more supportive of the latest XPT/USD rebound. On the same line is the firmer RSI (14).
Hence, the latest run-up stays ready to poke the 61.8% Fibonacci retracement (Fibo.) of April 19-27 downside, around $980.00.
Following that, a three-week-old resistance line, around the $1,000 psychological magnet, appears a tough nut to crack for the platinum buyers.
Meanwhile, the 200-SMA and 50% Fibo, respectively around $970.00 and $967, test the pullback moves of XPT/USD.
In a case where platinum sellers manage to conquer $967 support, a horizontal line from April 29, near $950, will precede an upward sloping support line from April 27, close to $935, to restrict the metal’s further downside.
Platinum: Four-hour chart
Trend: Further recovery expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
