Forex Trading: XPTUSD Is Trending Upwards, and This May Continue

Forex Trading: XPTUSD Is Trending Upwards, and This May Continue
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XPTUSD Price Analysis – April 27

Platinum price may move towards $962 price level, in case the Bulls increase their momentum to break up the $898 price level. Should the Bears defend the $898 level, there may be a decrease in Platinum price towards $833

 

XPT/USD Market

Key levels:

Supply levels: $898, $962, $1030
Demand levels: $833, $776, $714

 

XPTUSD Long-term trend: Bullish

XPTUSD is ranging on the weekly chart. XPTUSD was bullish on the week that started on April 15 and the bullish momentum placed the currency pair at $898 level. On this concluded week, XPTUSD was on the ranging movement which eventually resulted in the formation of Doji candle on the same level. The consolidation going on at the supply level of $898 is taking up to three weeks now. The momentum of the Bulls and the Bears are at equilibrium.

Platinum (XPTUSD) Weekly chart, April 27

Although consolidation is ongoing at $898 level, the bullish trend is still maintained as long as the Platinum is trading above the 21 periods EMA and 50 periods EMA. The Relative strength Index period 14 is around 60 levels with the signal lines showing no direction indicate that consolidation is ongoing in the XPT market. Platinum price may move towards $962 price level, in case the Bulls increase their momentum to break up the $898 price level. Should the Bears defend the $898 level, there may be a decrease in Platinum price towards $833.

 

XPTUSD medium-term Trend: Ranging

On the medium-term outlook, XPTUSD is on the sideways movement. Throughout last week, the currency pair engaged on the sideways movement at $898 price level; the price is moving above and below the $898 price level. It is currently on the mentioned level with the formation of the daily strong bullish candle.

Platinum (XPTUSD) Daily chart, April 27

The Relative Strength Index period 14 is at 60 levels with the signal line pointing up to indicate a buy signal.

 

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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

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