Platinum Price Analysis: XPT/USD eyes further downside towards 200-DMA
- Platinum prices remain on the back foot around one-month low, marked earlier in Asia.
- Clear break of a three-month-old ascending trend line keep sellers hopeful.
- 61.8% Fibonacci retracement adds to the downside filters.
Platinum (XPT/USD) bounces off the monthly bottom while picking up bids near $1,030 heading into Tuesday’s European session.
Even so, the precious metal holds onto the previous day’s downside break of an ascending trend line from December 2021, around $1,058 at the latest.
Adding strength to the downside bias are the bearish MACD signals and a clear U-turn from the 21-DMA.
That said, the latest XPT/USD downside eyes the 200-DMA level of $1,010. However, the 61.8% Fibonacci retracement (Fibo.) of December 2021 to March 2022 upside, near $1,006 and the $1,000 threshold will challenge the bullion bears afterward.
Meanwhile, corrective pullback need not only cross the support-turned-resistance line around $1,058 but also the 21-DMA level of $1,080 to recall the platinum bulls.
Following that, the $1,100 round figure and February’s high near $1,130 may offer intermediate halts during the run-up to the monthly peak of $1,182.
Platinum: Daily chart
Trend: Further weakness 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.
