Baxia Markets
April 02, 2024

XPTUSD Breaks Swing High, Maintains Supremacy Above $915 Mark

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Platinum (XPTUSD) has surged in the last 24 hours, embarking on a bullish rally that has sparked excitement among traders. Breaking through the recent swing high near $915, the market has maintained its dominance above this level, establishing a new weekly high in the process.image-png-Apr-02-2024-02-21-17-6357-PM

Traders are now eyeing the next resistance levels, which are likely situated at the 161.8% and 261.8% Fibonacci extensions of the recent swing low. Of particular interest is the 261.8% extension, aligning with last month's high around the $950 mark. Adding to the bullish sentiment is the formation of a golden cross between the EMA 50 and 200, signaling a robust bullish reversal. Furthermore, prices are trading significantly above the value area of the volume profile indicator, reinforcing the upward momentum.

Technical indicators such as the MACD and RSI corroborate the bullish outlook presented by the EMA and volume profile. The MACD's signal line and histogram are surging well above the zero line, indicating strong buying pressure. Similarly, the RSI has exhibited aggressive behavior, skyrocketing from 30% to above 70% within the last 24 hours.

In summary, the overall sentiment surrounding platinum is overwhelmingly bullish as it sets its sights on overcoming its first short-term resistance at the 161.8% Fibonacci extension. With key technical indicators and market dynamics aligned, the path seems clear for platinum to potentially reach the significant milestone at the 261.8% extension around the $950 level.


Key Takeaways:

  1. Platinum experiences bullish rally, surpassing $915 swing high.
  2. Next resistance levels at 161.8% and 261.8% Fibonacci extensions.
  3. Golden cross formation on EMA 50 and 200 signals bullish reversal.
  4. MACD and RSI indicators reflect strong buying pressure and bullish sentiment.
  5. Overall outlook bullish, with platinum aiming for $950 resistance level.

Key Economic Releases to Watch Today

EUR, German CPI 

Forecast 0.5% vs Previous 0.4%

USD,  JOLT Jobs Opening

Forecast 8.760M vs Previous 8.863M



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