Platinum Price Analysis: XPT/USD fades bounce off 12-day-old support, $932 in focus

• Platinum consolidates biggest daily loss in two months, retreats from daily high of late.
• Bearish MACD signals hint at break of immediate support line but “double top” highlights $932 as the key support.

Platinum (XPT/USD) fails to recover from the biggest daily slump in two months despite posting 1.10% daily gains around $957 heading into Friday’s European session.

That said, the precious metal portrays a “double top” bearish chart pattern in the four-hour play. However, an upward sloping trend line from April 27 has recently probed bears.

Given the bearish MACD signals and the metal’s failure to rise past the 200-SMA, the XPT/USD prices are likely to drop back towards a fortnight-old support line, at $946 by the press time.

It should, however, be noted that the quote needs to conquer the $932 horizontal support, after breaking $946, to confirm the aforementioned bearish formation, which in turn could recall $860 on the chart.

Alternatively, a clear upside break of the 200-SMA, around 968, will challenge the “double tops” surrounding $1,000.

Also acting as the short-term key upside filter is the late April swing high close to $1,025.

Platinum: Four-hour chart

Trend: Further weakness expected