Usman Salis
Platinum is back on the offensive. After a stretch of choppy price action, XPT has reclaimed its 50 EMA and is holding firm inside a broadening ascending wedge — a setup that has traders paying close attention to what happens next at the $2,100 support zone.
50 EMA Reclaimed — Buyers Reassert Control
Platinum strengthened during the latest session, bouncing off lower support near the mid-channel area and recovering above the 50 EMA. That move matters: reclaiming the 50 EMA signals that short-term buyers have taken back the wheel after a period of volatility. The structure showing up on the chart — expanding highs and lows — is a textbook broadening ascending wedge, which typically points to growing market participation rather than fading demand.
Price is currently trading near $2,100, pulling back from the earlier high around $2,700. Similar technical dynamics recently played out in the bear flag near 2000 support setup, where how price handled support became the deciding factor for the next leg.
200 EMA Far Below — Macro Trend Stays Intact
The 200 EMA sits well below current price, confirming the macro trend is still pointing up despite the near-term swings. Each dip toward ascending support has been met with fresh buying interest, consistent with the behavior covered in the rising support at key level analysis, where buyers stepped in during prior pullbacks and kept the structure alive.
What the chart is really telling us is that platinum's volatility is expanding — not reversing. If the wedge holds, the conditions for continuation look solid. A clean break below wedge support, though, would flip the outlook and open the door to a deeper retracement. The market is sitting at a technical decision point where the bigger-picture structure carries more weight than any single candle, and where the next burst of volatility is likely to determine XPT's direction from here.
Usman Salis
