• Platinum portrays the first daily gains in four despite recent pullback from intraday high.
  • MACD, RSI favor upside break of 200-SMA to keep buyers hopeful.
  • Two-week-old rising trend line limits short-term downside, bulls approach 61.8% Fibo.

Platinum (XPT/USD) prices remain firmer around $975.00 while snapping the three-day downtrend heading into Tuesday’s European session.

In doing so, the precious metal pierces the 200-SMA, as it did on Friday before refreshing a one-week low.

However, the MACD conditions are more supportive of the latest XPT/USD rebound. On the same line is the firmer RSI (14).

Hence, the latest run-up stays ready to poke the 61.8% Fibonacci retracement (Fibo.) of April 19-27 downside, around $980.00.

Following that, a three-week-old resistance line, around the $1,000 psychological magnet, appears a tough nut to crack for the platinum buyers.

Meanwhile, the 200-SMA and 50% Fibo, respectively around $970.00 and $967, test the pullback moves of XPT/USD.

In a case where platinum sellers manage to conquer $967 support, a horizontal line from April 29, near $950, will precede an upward sloping support line from April 27, close to $935, to restrict the metal’s further downside.

Platinum: Four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 975.68
Today Daily Change 18.68
Today Daily Change % 1.95%
Today daily open 957
 
Trends
Daily SMA20 958.29
Daily SMA50 982.32
Daily SMA100 1015.85
Daily SMA200 1005.09
 
Levels
Previous Daily High 967.34
Previous Daily Low 932.28
Previous Weekly High 1005.69
Previous Weekly Low 918.03
Previous Monthly High 1025.93
Previous Monthly Low 907.99
Daily Fibonacci 38.2% 945.67
Daily Fibonacci 61.8% 953.95
Daily Pivot Point S1 937.07
Daily Pivot Point S2 917.15
Daily Pivot Point S3 902.01
Daily Pivot Point R1 972.13
Daily Pivot Point R2 987.27
Daily Pivot Point R3 1007.19

 

 

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