Current trend

The corrective trend in the XPT/USD pair continues, and this week, it returned to a level just below 1000.00.

Since the end of spring, the quotes have fallen from the annual high of 1100.00 to 950.00. The probability of breaking through the 900.00 level is low, confirmed by the latest data. Thus, the World Platinum Investment Council (WPIC) reported that at the Shanghai Platinum Week (SPW) held in late July, the focus was on new ultra-short contracts for platinum and palladium, which will be launched on the Guangzhou Futures Exchange (GFEX): their key difference from the standards of investing in metals will be a maturity of one month. According to the platform management, this will attract short-term traders to the assets, increasing trading volumes.

Meanwhile, according to the latest report from the US Commodity Futures Trading Commission (CFTC), the situation in positions secured by real money has changed significantly. Sellers have regained their leadership, holding 30.531K transactions against 28.259K contracts from buyers due to an increase of 5.447K positions, while the “bulls” added only 0.773K transactions. Thus, almost equal indicators on both sides do not contribute to a change in the trend in the asset.

Support and resistance

On the daily chart, the trading instrument is held within the downward channel 970.00–865.00, approaching the resistance line.

Technical indicators hold an unstable sell signal: the AO histogram is in an uptrend below the zero line, reflecting the likelihood of continued decline, and the fast EMA on the Alligator indicator are below the signal line.

Resistance levels: 968.00, 1019.00.

Support levels: 936.00, 890.00.

Trading tips

Short positions may be opened after the price declines and consolidates below 936.00, with the target at 890.00. Stop loss — 950.00. Implementation period: 7 days or more.

Long positions may be opened after the price grows and consolidates above 968.00, with the target at 1019.00. Stop loss — below 950.00.