Platinum Price Analysis: Weekly rising channel keeps XPT/USD bulls hopeful around $1,050
- Platinum remains mildly bid around one-week high inside bullish chart formation.
- 50-SMA offers intermediate support, $1,062 act appears tough nut to crack for bulls.
Platinum (XPT/USD) extends the previous week’s rebound inside a short-term ascending trend channel, up 0.25% intraday around $1,043 during the initial European session on Tuesday.
In addition to the bullish chart formation, namely the rising channel, the XPT/USD’s upside break of 50-SMA joins firmer RSI to keep buyers hopeful.
It should be noted, however, that a convergence of the 200-SMA and upper line of the aforementioned channel offers strong resistance around $1,062.
Following that, an upward trajectory towards the 50% Fibonacci retracement (Fibo.) of March 08-15 downside, around $1,085, can’t be ruled out. Though, the $1,100 threshold and March 10 swing high near $1,105, will challenge platinum buyers afterward.
Alternatively, a downside break of the 50-SMA level of $1,037 will drag the quote towards the channel’s support, near $1,028.
In a case where the XPT/USD prices drop below $1,028, the $1,000 psychological magnet will act as an intermediate halt during the south-run targeting the monthly low near $985.
Platinum: Four-hour chart
Trend: Further upside 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.
