Platinum Price Analysis: Bulls surrender gains near 200 EMA, likely to revisit monthly lows

• XPT/USD has found extreme selling pressure near 200 EMA.
• Platinum has failed to sustain above 23.6% Fibo retracement at $1,031.80.
• The asset may likely revisit monthly lows after slipping below $1,000.

Platinum (XPT/USD) has witnessed a steep fall after failing to breach the previous two-day's high near $1,045.64. The precious metal has extended its weakness after violating Monday’s low at $1,032.39.

On an hourly scale, Platinum has sensed resistance while overstepping 200-period Exponential Moving Average (EMA), which has dragged the asset lower. The precious metal has failed to sustain above 23.6% Fibonacci retracement (placed from March 8 high at $1,182.49 to last week’s low at $984.35) at $1,031.80. The asset has witnessed some significant offers after violating the trendline on the downside placed from March 17 low at $1,012.45.

The 20-period EMA at $1,026 will continue to act as a major barricade going forward.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted to a bearish range of 20.00-40.00 from 40.00-60.00, which indicates a bearish setup and weakness ahead.

Should the asset drops below Tuesday’s low at $1,015.47, Platinum may observe selling pressure, which will drag the asset near the psychological support at $1,000, followed by last week’s low at $984.35.

On the contrary, bulls can obtain strength if they violate 23.6% Fibo retracement at $1,031.80, which will drive the pair towards Tuesday’s high at $1,045.64. Breach of the latter will expose it to an ultimate target of 38.2% Fibo retracement at $1,060.00.

Platinum hourly chart