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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	1017.51
Today Daily Change	-6.42
Today Daily Change %	-0.63%
Today daily open	1023.93

Trends
Daily SMA20	1064.28
Daily SMA50	1052.15
Daily SMA100	1008.14
Daily SMA200	1008.89

Levels
Previous Daily High	1030.52
Previous Daily Low	1013.01
Previous Weekly High	1081.91
Previous Weekly Low	984.35
Previous Monthly High	1129.06
Previous Monthly Low	1008.03
Daily Fibonacci 38.2%	1019.7
Daily Fibonacci 61.8%	1023.83
Daily Pivot Point S1	1014.45
Daily Pivot Point S2	1004.98
Daily Pivot Point S3	996.94
Daily Pivot Point R1	1031.96
Daily Pivot Point R2	1040
Daily Pivot Point R3	1049.47

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.

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