Platinum Price Analysis: XPT/USD bulls stay on the way to $980

Platinum prices grind higher around one-week top after crossing 50-DMA.
Descending trend line from mid-April lures buyers, monthly support line defends upside momentum.
RSI (14) hints at gradual run-up towards a two-month-long resistance line.

Anil Panchal FXStreet

Platinum (XPT/USD) justifies the upside break of the 50-DMA by renewing the weekly top around $968, close to $965 by the press time of early Tuesday morning in Europe.

In addition to the metal’s ability to cross the key moving average, the recently firmer RSI also keeps XPT/USD bulls hopeful.

That said, a downward sloping resistance line from April 19, close to $980, lures short-term buyers of the bullion.

Following that, a two-month-long descending trend line, close to the $997, quickly followed by the $1,000 threshold, will challenge the platinum bulls.

Meanwhile, pullback moves remain elusive until staying beyond the 50-DMA level surrounding $961.

Also keeping XPT/USD bears away is the monthly support line, close to $937 at the latest.

Overall, platinum prices are ready for short-term advances but a reversal of the bearish trend from early March needs validation from the $1,000 round figure.

Platinum: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	966.83
Today Daily Change	5.17
Today Daily Change %	0.54%
Today daily open	961.66

Trends
Daily SMA20	956.02
Daily SMA50	961.96
Daily SMA100	1004.09
Daily SMA200	1002.25

Levels
Previous Daily High	966.13
Previous Daily Low	954.65
Previous Weekly High	981.71
Previous Weekly Low	937.89
Previous Monthly High	1025.93
Previous Monthly Low	907.99
Daily Fibonacci 38.2%	961.74
Daily Fibonacci 61.8%	959.04
Daily Pivot Point S1	955.5
Daily Pivot Point S2	949.33
Daily Pivot Point S3	944.02
Daily Pivot Point R1	966.98
Daily Pivot Point R2	972.29
Daily Pivot Point R3	978.46

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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