Alex Dudov
⬤Platinum is showing signs of technical deterioration after breaking below a key ascending support on the daily chart. Price lost the lower boundary of its broadening wedge pattern, a structure that typically reflects weakening trend stability once support gives way. XPT/USD is now trading near the $1,900 level following a rejection from higher prices.
⬤The chart confirms a clear break below the ascending channel that previously guided the uptrend, signaling a loss of trend integrity. Platinum is also trading below the 50-day EMA, reinforcing the shift in short-term momentum. This mirrors earlier price action where platinum losing channel support near $2,170 led to continued downside pressure.
⬤Current price action suggests platinum may continue moving toward the 200 EMA near $1,770. This aligns with broader corrective scenarios where failure to hold above the 50 EMA leads to deeper pullbacks. Platinum's sharpest fall in over five years demonstrated how quickly sharp corrections follow extended rallies. A lower demand zone near $1,650 is also visible on the chart, consistent with the current analysis.
⬤This development reflects a shift from an upward structure into a corrective phase. As platinum approaches major support zones, market reaction at these levels may determine whether the broader trend stabilizes or extends lower. Historical context matters here: as analyzed previously, a pullback toward $1,500 could precede the next meaningful rally, suggesting the current move may be part of a larger cycle rather than a trend reversal.
Alex Dudov
