#XPTUSD @ 855.46 -imp levels: Platinum price fades bounce off six-week low as sellers keep reins below 200-DMA.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE and login below to read further [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• Platinum price fades bounce off six-week low as sellers keep reins below 200-DMA.
• 61.8% Fibonacci retracement lures bears ahead of the key 23-month-old horizontal support.
• Nearly oversold RSI hints at limited downside room.

The pair currently trades last at 855.46.

The previous day high was 875.35 while the previous day low was 851.47. The daily 38.2% Fib levels comes at 866.23, expected to provide resistance. Similarly, the daily 61.8% fib level is at 860.59, expected to provide resistance.

Platinum price (XPT/USD) holds lower grounds near $860 amid the early Tuesday morning in Europe. That said, the precious metal bounced off a 1.5-month low the previous day but couldn’t keep buyers on the board.

Given the quote’s sustained weakness below the 200-DMA, around $972.00 by the press time, XPT/USD is likely to remain pressured around the 61.8% Fibonacci retracement level of March 2020 to February 2021 upside, near $858.00.

In a case where bears manage to conquer the $858.00 support, the horizontal area comprising lows marked during September 2020 and in July 2022 could challenge the platinum bears around $830-29.00.

It should be noted that the XPT/USD south-run past $830.00 could make it vulnerable to breaking the $800 threshold while targeting June 2020 lows around $784.00.

Meanwhile, recovery remains elusive until the quote stays below the 200-DMA level surrounding $972.00, a break of which will propel the quote towards the $1,000 psychological magnet.

Even so, nearly oversold RSI might trigger the XPT/USD rebound targeting April’s swing low near $910.00.

To sum up, platinum is likely to remain on the bear’s radar unless crossing the 200-DMA. However, RSI approaches oversold territory and hints at a limited downside room.

Trend: Limited downside expected

Technical Levels: Supports and Resistances

XPTUSD currently trading at 862.02 at the time of writing. Pair opened at 868.75 and is trading with a change of -0.77% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 916.44, 50 SMA 894.76, 100 SMA @ 927.64 and 200 SMA @ 971.73.

The previous day high was 875.35 while the previous day low was 851.47. The daily 38.2% Fib levels comes at 866.23, expected to provide resistance. Similarly, the daily 61.8% fib level is at 860.59, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 855.03, 841.31, 831.15
• Pivot resistance is noted at 878.91, 889.07, 902.79

[/s2If]
Join Our Telegram Group