Platinum Price Analysis: XPT/USD prints bear flag on 4H, focus on $960.00


  • Platinum prints heaviest intraday losses in two weeks following the pullback from monthly high.
  • Bearish chart pattern joins downbeat RSI, failures to cross 200-SMA to favor sellers.
  • Bulls need to cross 50% Fibonacci retracement for confirmation.

Platinum (XPT/USD) remains pressured around $969.00, down 0.85% intraday the late Asian session on Wednesday.

The bullion prices refreshed monthly top while crossing the 200-SMA the previous day, before taking a U-turn from $992.00.

The pullback moves dragged the quote back below the 200-SMA while keeping it inside a two-week-old ascending trend channel formation, forming part of the bearish flag pattern.

That said, the downbeat RSI line, not oversold and failures to cross the key SMA add to the bearish bias for the XPT/USD.

Even so, the platinum sellers will wait for a clear downside break of the stated channel’s support line near $960.00, to convince the bears to challenge the monthly low of $898.00, a break of which will set the ball rolling for theoretical target near $750.00.

On the flip side, the recovery moves remain elusive until staying successful beyond the 200-SMA level of $973.00, albeit the stated channel’s resistance line near $998.00 will act as an additional upside filter.

It’s worth noting that the XPT/USD advances past $998.00 will be challenged by the $1,000 threshold.

Platinum: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 969.63
Today Daily Change -8.42
Today Daily Change % -0.86%
Today daily open 978.05
 
Trends
Daily SMA20 949.57
Daily SMA50 988.53
Daily SMA100 994.05
Daily SMA200 1043.64
 
Levels
Previous Daily High 991.98
Previous Daily Low 969.29
Previous Weekly High 977.54
Previous Weekly Low 919.41
Previous Monthly High 1105.86
Previous Monthly Low 931.26
Daily Fibonacci 38.2% 983.31
Daily Fibonacci 61.8% 977.96
Daily Pivot Point S1 967.57
Daily Pivot Point S2 957.08
Daily Pivot Point S3 944.88
Daily Pivot Point R1 990.26
Daily Pivot Point R2 1002.46
Daily Pivot Point R3 1012.95

 

 

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