• 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

Today last price 969.63
Today Daily Change -8.42
Today Daily Change % -0.86%
Today daily open 978.05
Daily SMA20 949.57
Daily SMA50 988.53
Daily SMA100 994.05
Daily SMA200 1043.64
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



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

EUR/USD eases below 1.0450 as USD firms up amid light trading

EUR/USD eases below 1.0450 as USD firms up amid light trading

EUR/USD remains pressured below 1.0450, fading Friday’s rebound, as the US dollar sees fresh demand amid a cautious market mood and light trading conditions. Recession fears and Fed-ECB policy contrast will keep favoring the dollar. Eurozone Sentix eyed. 


GBP/USD hovers around 1.2100 amid fresh UK political jitters

GBP/USD hovers around 1.2100 amid fresh UK political jitters

GBP/USD licks its wounds around 1.2100, as investors stalk the US dollar amid growing growth fears. Another attempt to oust UK PNM Johnson and looming Brexit woes keep the upside elusive in cable. Thinner liquidity conditions will prevail amid the US holiday. 


Gold: Death cross to ring knell for XAUUSD, as eyes turn to Fed Minutes

Gold: Death cross to ring knell for XAUUSD, as eyes turn to Fed Minutes

Gold Price defends minor recovery gains above $1,800 amid US holiday. Growth fears strengthen the US dollar, despite the recent sell-off in yields. XAUUSD awaits death cross confirmation to resume the downtrend below $1,800.

Gold News

Cardano’s Vasil hard fork launches on testnet positioning ADA price for a breakout

Cardano’s Vasil hard fork launches on testnet positioning ADA price for a breakout

Cardano price is at a point in its journey where things could go either way. As ADA consolidates above a stable support level, things could turn ugly if it breaks or bullish if it bounces. Therefore, investors need to be careful with their decision.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!