Platinum Price Analysis: XPT/USD steadies around 23.6% Fibo retracement at $1,031.30

• XPT/USD is oscillating around 23.6% Fibo retracement at $1,031.34.
• The 20 and 50-period EMAs are on the verge of a bullish crossover.
• The RSI (14) has crossed 60.00 after multiple failed attempts, which adds to the upside filters.

Platinum (XPT/USD) has attracted some significant bids after registering fresh monthly lows at $984.35 on Tuesday. The precious metal has surpassed Wednesday’s high at $1,023.89 in the Asian session.

On an hourly scale, Platinum is trading near 23.6% Fibonacci retracement (placed from March 8 high at $1,182.49 to Tuesday’s low at $984.35) at $1,031.34. The precious metal has decisively violated 20-period and 50-period Exponential Moving Averages (EMAs), which are trading around $1,019.00 (on the verge of a bullish crossover) and is holding above the same. The trendline placed from March 10 high at $1,103.96 adjoining Friday’s high at $1,087.06, will continue to act as a barricade for the precious metal.

After multiple failed attempts, the Relative Strength Index (RSI) (14) has finally breached the 60.00 level, which adds to the upside filters. The oscillator is not showing any kind of divergence and an overbought situation.

For more upside, Platinum needs to violate the above-mentioned trendline at $1,034.30, which will push the asset higher towards 200-period EMA at $1,054.63. Breach of the latter will send the precious metal to 50% Fibo retracement $1,083.65.

On the contrary, bulls can lose their grip if Platinum slips below 20-period EMA at $1,019.00, which will send the asset towards Tuesday’s low and Jan 17 low at $984.35 and $971.00 respectively.

Platinum (XPT/USD) hourly chart