Platinum Price Analysis: XPT/USD stays on the way to $830-29 support zone

Platinum price fades bounce off six-week low as sellers keep reins below 200-DMA.
61.8% Fibonacci retracement lures bears ahead of the key 23-month-old horizontal support.
Nearly oversold RSI hints at limited downside room.

Anil Panchal FXStreet

Platinum price (XPT/USD) holds lower grounds near $860 amid the early Tuesday morning in Europe. That said, the precious metal bounced off a 1.5-month low the previous day but couldn’t keep buyers on the board.

Given the quote’s sustained weakness below the 200-DMA, around $972.00 by the press time, XPT/USD is likely to remain pressured around the 61.8% Fibonacci retracement level of March 2020 to February 2021 upside, near $858.00.

In a case where bears manage to conquer the $858.00 support, the horizontal area comprising lows marked during September 2020 and in July 2022 could challenge the platinum bears around $830-29.00.

It should be noted that the XPT/USD south-run past $830.00 could make it vulnerable to breaking the $800 threshold while targeting June 2020 lows around $784.00.

Meanwhile, recovery remains elusive until the quote stays below the 200-DMA level surrounding $972.00, a break of which will propel the quote towards the $1,000 psychological magnet.

Even so, nearly oversold RSI might trigger the XPT/USD rebound targeting April’s swing low near $910.00.

To sum up, platinum is likely to remain on the bear’s radar unless crossing the 200-DMA. However, RSI approaches oversold territory and hints at a limited downside room.

Platinum: Daily chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	862.02
Today Daily Change	-6.73
Today Daily Change %	-0.77%
Today daily open	868.75

Trends
Daily SMA20	916.44
Daily SMA50	894.76
Daily SMA100	927.64
Daily SMA200	971.73

Levels
Previous Daily High	875.35
Previous Daily Low	851.47
Previous Weekly High	902.73
Previous Weekly Low	864.31
Previous Monthly High	907.54
Previous Monthly Low	829.32
Daily Fibonacci 38.2%	866.23
Daily Fibonacci 61.8%	860.59
Daily Pivot Point S1	855.03
Daily Pivot Point S2	841.31
Daily Pivot Point S3	831.15
Daily Pivot Point R1	878.91
Daily Pivot Point R2	889.07
Daily Pivot Point R3	902.79

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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