• 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

Overview
Today last price 959.48
Today Daily Change 0.55
Today Daily Change % 0.06%
Today daily open 958.93
 
Trends
Daily SMA20 953.91
Daily SMA50 981.5
Daily SMA100 992.17
Daily SMA200 1037.14
 
Levels
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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