Platinum Price Analysis: $1008 appears a tough nut to crack for XPT/USD bears
- Platinum remains pressured towards refreshing intraday low, down for the third consecutive day.
- Bearish MACD, failures to cross 50-DMA keep sellers hopeful.
- Convergence of 100-DMA, 200-DMA challenge further downside, previous support line from December 2021 adds to the upside filters.
Platinum (XPT/USD) takes offers to refresh intraday low near $1,017, down 0.61% intraday ahead of Thursday’s European session.
In doing so, the precious metal drops for the third consecutive day as it approaches the $1,008 support confluence, including the 100-DMA and 200-DMA.
The quote’s inability to cross the 50-DMA during the last week’s rebound joins a bearish MACD signal to favor sellers.
It should be noted, however, that the $1,000 threshold and the monthly bottom around $985 will challenge the XPT/USD bears afterward.
Meanwhile, recovery moves remain elusive below the 50-DMA level of $1,051.
Even if the platinum buyers manage to cross the $1,051 hurdle, the support-turned-resistance line from December 2021, close to $1,074, will act as the last defense for the XPT/USD sellers.
Platinum: Daily chart
Trend: Further weakness expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
