Platinum Price Analysis: XPT/USD rebound remains elusive below $1,060
- Platinum prices remain positive for the second consecutive day inside rising wedge bearish formation.
- Convergence of 100-SMA, 200-SMA appears tough nut to crack for bulls.
- Downside break of $1,020 will challenge the yearly low.
Platinum (XPT/USD) extends the previous day’s rebound from a weekly low, up 0.54% intraday around $1,030 heading into Friday’s European session.
Despite rising for the second day in a line, the precious metal portrays a one-week-old rising wedge bearish chart pattern, which in turn tests the upside momentum around $1,051.
Even if the commodity prices rally beyond $1,051, a convergence of the 100 and 200 SMAs will join the 38.2% Fibonacci retracement (Fibo.) of early March downturn to highlight the $1,061 as a crucial resistance.
It’s worth noting that the MACD conditions signal that the buyers don’t have control, which in turn suggests the pullback moves.
However, the quote’s run-up beyond $1,061 won’t hesitate to challenge the March 10 swing high near $1,105.
Meanwhile, pullback moves remain less important until staying above the stated wedge’s lower line, at $1,020 by the press time.
Following that, a south-run towards the $1,000 psychological magnet and then to the yearly bottom surrounding $922 can’t be ruled out.
Platinum: Four-hour chart
Trend: Pullback 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.
