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XPTUSD Is Targeting the Supply Level of $898

XPTUSD Price Analysis – June 27

Platinum price is targeting the supply level of $898 and this may be achieved should the Bulls maintain or increase their pressure.

XPT/USD Market

Key levels:

Supply levels: $898, $962, $1,030
Demand levels: $833, $776, $714

 

XPTUSD Long-term trend: Bullish

XPTUSD is bullish on the weekly chart. After the bullish breakout experienced in the Platinum market last two weeks at $833 price level, followed by a retracement, the Bulls maintains their bullish momentum and the price increased further last week. A strongly weekly bullish candle emerged last week and the price moved towards the supply level of $898. The price pulled back briefly before the closing of last week market.

XPTUSD (Platinum) weekly chart, July 27

XPT price is trading above the 21 periods EMA and 50 periods EMA and the former is trying to cross the later upside to establishing a bullish trend. The stochastic Oscillator period 14 is at 40 levels with the signal line pointing up to indicate a buy signal. Platinum price is targeting the supply level of $898 and this may be achieved should the Bulls maintain or increase their pressure.

XPTUSD medium-term Trend: Bullish

XPTUSD is bullish in the medium-term outlook. There was a breakout of the Platinum price at $83 price level on July 15; this scenario was followed with a price retracement. The Bulls further pushed up the price towards the supply level of $898 but yet to reach the mark before the Bears interrupted and the price was pulled back.

XPTUSD (Platinum) Daily chart, July27

The 21 periods EMA has crossed the 50 periods EMA upside as a sign of a bullish movement. The price continues its trading above the two EMAs. The Stochastic Oscillator period 14 is above 75 levels and the signal lines pointing downside to indicate sell signal which may be a pullback.

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