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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	1030.61
Today Daily Change	-3.81
Today Daily Change %	-0.37%
Today daily open	1034.42

Trends
Daily SMA20	1082.87
Daily SMA50	1050.59
Daily SMA100	1005.88
Daily SMA200	1010.15

Levels
Previous Daily High	1081.91
Previous Daily Low	1029.79
Previous Weekly High	1182.49
Previous Weekly Low	1053.46
Previous Monthly High	1129.06
Previous Monthly Low	1008.03
Daily Fibonacci 38.2%	1049.7
Daily Fibonacci 61.8%	1062
Daily Pivot Point S1	1015.5
Daily Pivot Point S2	996.59
Daily Pivot Point S3	963.38
Daily Pivot Point R1	1067.62
Daily Pivot Point R2	1100.83
Daily Pivot Point R3	1119.74

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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