Platinum Price Analysis: Bulls are firmer above 20-EMA but seek more validation

• A lackluster move from Platinum has been carry-forwarded on Friday.
• The asset is holding above 20-EMA but seeks more validation from other indicators.
• The RSI (14) is oscillating in a range of 40.00-60.00, which signals consolidation ahead.

Platinum (XPT/USD) is oscillating in a narrow range of $1,023.47-$1,031.56 in the Asian session. The asset has carry-forwarded the lackluster move of Thursday and is awaiting a trigger for a decisive move.

On an hourly scale, Platinum is auctioning in a neutral channel, which doesn’t reflect biases towards any direction but responses after the volatility contracts significantly. The upper end of the neutral channel is placed around Thursday’s high at $1,033.13 and the lower end is marked from Thursday’s low at $1,012.45.

The precious metal is stabilized above the 20-period Exponential Moving Average (EMA), which is trading around $1,023.5. While the 200-period EMA is much above the Platinum prices around $1,060.

The Relative Strength Index (RSI) (14) is oscillating in a range of 40.00-60.00, which signals a directionless move ahead.

For the upside, bulls need to violate Thursday’s high at $1,033.13, which will drive the asset towards Monday’s average traded price at $1,050.00. Breach of the latter will send the precious metal to the 200-period EMA at $1,060.00.

On the contrary, bears can dictate the levels if Platinum slips below Thursday’s low at $1,012.45. This will drag the asset towards the psychological figure of $1,000.00, followed by Tuesday’s low at $985.20.

Platinum (XPT/USD) hourly chart