Platinum Price Analysis: XPT/USD bulls attack seven-month-old old hurdle above $1,150

Platinum prices stay firmer around the highest levels since June 2021.
78.6% Fibonacci retracement of May-December 2021 declines challenge bulls amid overbought RSI.
Weekly support line tests short-term sellers, 200-DMA appears strong support.

Anil Panchal FXStreet

Multiple hurdle test platinum (XPT/USD) bulls below $1,200 during early Wednesday in Europe. That said, the quote holds onto the previous day’s upside momentum around $1,170 by the press time.

The precious metal refreshed multi-year high the previous day before reversing from $1,182, near to the 78.6% Fibonacci retracement (Fibo.) of 2021 downside. Also challenging XPT/USD buyers is an upward sloping resistance line from August 2021.

Given the overbought RSI conditions, as well as the keys resistances around $1,180-85 mentioned above, platinum prices are likely to witness a pullback towards the 61.8% Fibo. level around $1,130.

Following that, the weekly support line close to $1,125 will act as an additional downside filter for the commodity before directing to an upward sloping trend line from December 2021 and the 200-DMA, respectively around $1,050 and $1,010.

Meanwhile, XPT/USD upside needs validation from $1,185 to aim for the $1,200 threshold.

In a case where the platinum bulls keep reins past $1,200, tops marked during May and February of 2021, near $1,280 and $1,340 in that order, will be crucial to watch.

Platinum: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1170.44
Today Daily Change	13.83
Today Daily Change %	1.20%
Today daily open	1156.61

Trends
Daily SMA20	1079.43
Daily SMA50	1040.41
Daily SMA100	1005.84
Daily SMA200	1010.14

Levels
Previous Daily High	1182.49
Previous Daily Low	1119.76
Previous Weekly High	1128.59
Previous Weekly Low	1036.65
Previous Monthly High	1129.06
Previous Monthly Low	1008.03
Daily Fibonacci 38.2%	1158.53
Daily Fibonacci 61.8%	1143.72
Daily Pivot Point S1	1123.42
Daily Pivot Point S2	1090.22
Daily Pivot Point S3	1060.69
Daily Pivot Point R1	1186.15
Daily Pivot Point R2	1215.68
Daily Pivot Point R3	1248.88

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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