Platinum Price Tests Support as Analysts Watch Longer-Term Upside

TradingView data showed XPT/USDT trading near $1,979.90 on the 30-minute chart, with price flattening after a sharp slide from the midweek high.

Analysts are now watching whether the latest pullback becomes a deeper shakeout or a base for another recovery. Elephant Capital said the bigger platinum setup toward $3,100 remains intact, although the price may still retest and undercut the lower box before any stronger reversal develops.

Platinum Slides Below $2,000

The TradingView chart shows platinum losing momentum after a strong move earlier in the week. XPT climbed from near $2,040 to above $2,160, then reversed sharply and spent the next sessions grinding lower.

The decline accelerated on May 15 as the price broke through the $2,040 and $2,000 areas. After that drop, XPT moved into a tighter range near $1,980, where sellers lost some pressure but buyers had not yet produced a clear recovery.

Notably, the chart shows lower highs forming after the peak, which keeps the short-term structure weak. However, the candles near $1,980 also show less aggressive selling than the earlier part of the decline.

As the price began to consolidate, volume increased with the breakdown and then waned. The trend indicates that the initial liquidation wave has subsided, and traders are awaiting a more significant bounce from the support level.

MACD Shows Weak But Slowing Momentum

Short-term momentum is still in the sellers’ favor as the MACD is still below zero. The MACD indicator was close to -3.1, with the signal line at -2.9, and the histogram was near flat.

That’s not a confirming bullish reversal just yet. Despite this, the histogram has tightened from a deeper negative range seen during the sell-off, indicating some relief from downside pressures.

Buyers’ first chore is easy. The price of platinum must break back above $2000 and sustain the move. A pullback through that level would indicate that the recent sell-off was a correction, not the beginning of a larger correction.

If XPT isn’t able to recover that space, sellers can maintain control and impose a further test of lesser liquidity. That would be consistent with Elephant Capital’s thinking that the price could get down to the lower box and then establish a more solid base.

Analysts Watch Retest Before Upside

Platinum’s big picture is still $3,100 or more, says Elephant Capital. But the analyst stated that the price appears to be aiming to retest and then fall below the lower box first before it can find a better opportunity.

That outlook appears to be in line with the near-term chart. XPT has recently broken down from its level but has not fallen out of the overall recovery pattern.

In another previous post, Kyle Doops noted that metals were “getting interesting” and included XAG, XPT, and XCU. His chart indicated that platinum was in a long moving-average area after a deep correction, implying that it is still significant in the rotation of the metals.

The main levels are clear at this time. XPT has to earn back $2,000 to get some momentum going in the short run. Failure to gain strength could lead traders to wait for a retest lower before assessing if platinum can close back in towards the $3,100 macro target.