- Analytics
- News and Tools
- Market News
- Platinum Price Analysis: XPT/USD fades bounce off 12-day-old support, $932 in focus
Platinum Price Analysis: XPT/USD fades bounce off 12-day-old support, $932 in focus
- Platinum consolidates biggest daily loss in two months, retreats from daily high of late.
- Bearish MACD signals hint at break of immediate support line but “double top” highlights $932 as the key support.
Platinum (XPT/USD) fails to recover from the biggest daily slump in two months despite posting 1.10% daily gains around $957 heading into Friday’s European session.
That said, the precious metal portrays a “double top” bearish chart pattern in the four-hour play. However, an upward sloping trend line from April 27 has recently probed bears.
Given the bearish MACD signals and the metal’s failure to rise past the 200-SMA, the XPT/USD prices are likely to drop back towards a fortnight-old support line, at $946 by the press time.
It should, however, be noted that the quote needs to conquer the $932 horizontal support, after breaking $946, to confirm the aforementioned bearish formation, which in turn could recall $860 on the chart.
Alternatively, a clear upside break of the 200-SMA, around 968, will challenge the “double tops” surrounding $1,000.
Also acting as the short-term key upside filter is the late April swing high close to $1,025.
Platinum: Four-hour chart
Trend: Further weakness 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
