Platinum Price Prediction: XPT Recovers Above $1,600 as Buyers Defend Key Support
Price had a positive day where, on the intraday chart, buyers defended the dips that went toward the $1,580 area.
The precious metal was recovering in the latest session and was back above the $1,610 area after the previous session closed out near that price. TradingView shows platinum around the $1,610.50 mark for the latest reading, up $27.18 or 1.72% on the session. TradingEconomics and Investing.com showed the price slightly differently based on the update times of the respective charts but still held platinum between $1,610 and $1,630 on the respective charts. All three graphs also hold platinum on a recovery of the day, in a weaker, shorter-term trend.
Platinum Recovers From the $1,580 Area
TradingView showed platinum opening at $1,583, with a previous close of $1,583.316. It traded relatively flat in the morning hours until buying came in at the $1,580 level. The chart shows increased buying power from 0600 until mid-morning, where it pushed through $1,590, $1,600, and eventually higher into the $1,620s range.
A high was then reached nearing the $1,630 level until sellers scaled back some of the gains and sent platinum lower until it reached a close nearing the $1,610 level while maintaining a majority of the day’s gains.
Immediate support on the chart would be at $1,605 and $1,600. A deeper drop in the metal would then target previous highs nearing $1,583. Support seems to be at the $1,620 and $1,630 area. Platinum hit resistance there and failed to continue through this barrier.
A sustained rally above this resistance would target the $1,640 range and eventually the $1,600 area.
Weekly Chart Holds Wider Trading Range
TradingEconomics shows the latest reading at $1,628.30, with a loss of $4.20 or -0.257%. The 1-week chart shows wider swings than the daily chart on TradingView. Platinum started the pictured time frame near $1,640, then traded up to $1,690 before dropping below $1,620 midway through the week and to the $1,570 level before buying came in at that price.
Price has now retraced back above the $1,600 level, back up to the $1,640 area. Platinum is currently trading in the middle of the 1-week trading range with short-term support at $1,620, followed by $1,600 and $1,580.
Resistance is at $1,640 and $1,650, and resistance is at $1,685-$1,700. Volatility on the weekly chart is very high, as price has traded over $100 between the low and high of the week. Platinum is trying to rally, but the price has yet to reclaim the previous week’s highs.
Buyers need to see the precious metal go above $1,650 to really get a move going on the weekly chart.
Longer-Term Performance Uneven
Meanwhile, Investing.com shows platinum at $1,623.21, up $25.71, or 1.61%, for the day. Their performance table shows a 1-day gain of 1.66%, a 1-week loss of -.72%, and a 1-month loss of -2.60%. Looking deeper into the readings, the medium term shows larger drops.
Notably, the precious metal has declined 20.41% in 3 months, 34.72%, and 71% in 1 year. However, longer-term performance still stays positive. Platinum is up 12.52% in 1 year and up 50.36% in 5 years.
The longer-term chart shows a sharp rally to the $2,000+ area before correcting steeply back to the $1,600 range. Buyers are showing strength in the daily chart, while the monthly/weekly charts are still weaker.
To continue the bullish momentum, sellers would have to go below $1,600; sellers will try to keep the market under $1,650.
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