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XPTUSD Is Touching $833 Level, Would There Be a Breakout at the Level?

XPTUSD Price Analysis – June 29

XPT price may continue its bullish movement as long as the supply level of $833 does not hold. Should the Bears defend the mentioned level, the price may continue ranging within the $833 and $776 levels.

 

XPT/USD Market

Key levels:

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

 

XPTUSD Long-term trend: Bearish

XPTUSD is on the bearish movement on the weekly chart. The Bulls increased their momentum last week with the formation of a strong bullish candle that pushed up the price towards the supply level of $833. Last week market closed with the Platinum price on the $833 price level. There is a confluence at the level that must be broken before the commodity can continue its bullish movement.

XPTUSD, Weekly chart, June 29

The price is currently touching the 21 periods EMA and 50 periods EMA with the two EMAs above the price. The stochastic Oscillator period 14 is below 25 levels (oversold level) with the signal line pointing up to indicate a buy signal. XPT price may continue its bullish movement as long as the supply level of $833 does not hold. Should the Bears defend the mentioned level, the price may continue ranging within the $833 and $776 levels.

XPTUSD medium-term Trend: Bullish

XPTUSD is bullish in the medium-term outlook. Two weeks ago, the XPT price was range-bound within the $833 and $776 price level. The consolidation continues till June 27. The strong bullish candle emerged last week on June 28, which penetrated the two EMAs upside and the price moved up to touch the $833 price level.

XPTUSD Weekly chart, June 29

The XPT price is trading above the 21 periods EMA and 50 periods EMA as an indicator of bullish movement. Meanwhile, the stochastic Oscillator period 14 is at 75 levels with the signal lines pointing upside to indicate a buy signal.

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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.