Forex Trading: XPTUSD Broke Out at $833 level, Down Trend May Continue

Forex Trading: XPTUSD Broke Out at $833 level, Down Trend May Continue
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XPTUSD Price Analysis – May 18

There is a tendency for the price to pullback and retest the broken level. In case the Bears maintains or increase their pressure, the Platinum price may decline down to $776 level.

 

XPT/USD Market

Key levels:

Supply levels: $833, $898, $962
Demand levels: $776, $714, $657

 

XPTUSD Long-term trend: Bearish

XPTUSD is bearish on the weekly chart. The Bears came out with full strong momentum last week; this is clearly seen on the weekly chart as a strong bearish candle formed last week and the market closed with that bearish momentum. Platinum price has broken down the demand level of $833, currently facing $776 level.

XPTUSD (Platinum) Weekly chart, May 18

Platinum has broken down the 21 periods EMA and 50 periods EMA downside as a good sign of bearish movement on the weekly chart. The Stochastic Oscillator period 14 is at 60 levels with the signal lines bending down to indicate sell signal. There is a tendency for the price to pullback and retest the broken level. In case the Bears maintains or increase their pressure, the Platinum price may decline down to $776 level.

XPTUSD medium-term Trend: Bearish

On the medium-term outlook, XPTUSD is Bearish. The price bearishly broke out of the descending channel last week. It penetrated the $833 level downside and the price exposes to $776 level. On the daily chart, the market closed with a bearish candle which indicates that bearish trend may continue in the Platinum market.

XPTUSD (Platinum) daily chart, May 18

Platinum price is currently trading below the 50 periods EMA and 21 periods EMA which indicates a bearish movement in the Platinum market. The Stochastic Oscillator period 14 is below 25 levels and the signal lines bending down to indicate sell and a further reduction in Platinum price.

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About AzeezMustaph

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Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management