Platinum Price Analysis: XPT/USD retreats from 50% Fibo. but bulls stay hopeful
- Platinum pares intraday gains inside $40.00 trading range between 50-DMA and 200-DMA.
- Ascending trend line from mid-December 2021 adds to the downside filters.
- Multiple hurdles to test the bulls below $1,130.
Platinum (XPT/USD) consolidates daily gains around $1,032, up 2.04% intraday ahead of Monday’s European session.
In doing so, the precious metal steps back from the 50% Fibonacci retracement (Fibo.) of December 2021 to March 2022 upside, around $1,040. However, the quote remains inside a $40.00 range, comprising 50-DMA and 200-DMA.
That said, the bearish MACD signals and steady RSI line hint at the quote’s further weakness towards the $1,010-05 area comprising the 200-DMA, an upward sloping support line from December and 61.8% Fibo.
In a case where the quote drops below $1,005, it needs validation from the $1,000 round figure and the monthly bottom surrounding $985 to convince bears.
On the contrary, recovery moves not only need to cross the 50% Fibonacci retracement level of $1,040 but also the 50-DMA level of $1,053 to recall the XPT/USD bulls.
Following that, multiple hurdles around $1,100 and the $1,130 may test the platinum prices before directing the prices towards the monthly high surrounding $1,183
Platinum: Daily chart
Trend: Pullback expected
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