- Platinum struggles to overcome the biggest daily losses in a month.
- Steady RSI, sustained trading below key SMAs keep sellers hopeful.
Platinum (XPT/USD) holds lower grounds near $960 heading into Tuesday’s European session.
The precious metal dropped the most in a month the previous day amid failures to the 50-DMA. Also keeping the XPT/USD bears was the steady RSI line and successful trading below the 100-DMA.
That said, the 21-DMA level near $954 precedes 23.6% Fibonacci retracement of November-December downside, around $947, to restrict short-term declines of the metal.
During the commodity’s weakness past $947, $926 and the yearly low of $898 will be crucial to watch.
On the contrary, recovery moves may initially aim for the 50-DMA level surrounding $980, a break of which will direct XPT/USD bulls towards the 100-DMA, around $992 by the press time.
In a case where platinum prices rally past $992, 50% and 61.8% Fibo. levels, respectively around $1001 and $1,026, will lure the commodity buyers.
Platinum: Daily chart
Trend: Further weakness expected
Additional impotant levels
|Today last price||959.48|
|Today Daily Change||0.55|
|Today Daily Change %||0.06%|
|Today daily open||958.93|
|Previous Daily High||983.75|
|Previous Daily Low||933.22|
|Previous Weekly High||991.98|
|Previous Weekly Low||951.91|
|Previous Monthly High||991.98|
|Previous Monthly Low||898.14|
|Daily Fibonacci 38.2%||952.52|
|Daily Fibonacci 61.8%||964.45|
|Daily Pivot Point S1||933.52|
|Daily Pivot Point S2||908.1|
|Daily Pivot Point S3||882.99|
|Daily Pivot Point R1||984.05|
|Daily Pivot Point R2||1009.16|
|Daily Pivot Point R3||1034.58|
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