Current trend

Since the beginning of this month, the XPT/USD pair has been actively growing against the background of the beginning of monetary policy easing by the US Federal Reserve and rising tensions in the Middle East: this week, quotes reached five-month highs around 1043.90, but have now lost some of their previously gained positions. The price forms an ascending channel, which confirms the possibility of an early resumption of upward dynamics. If the level of 1031.25 (Murrey level [ 1/8]) is broken out again, the growth targets may be 1062.50 (Murrey level [ 2/8], 50.0% Fibonacci retracement), 1090.60 (near May highs) and 1118.50 (61.8% Fibonacci retracement). The consolidation of quotes below the central line of Bollinger Bands (994.70) may lead to the development of a decline to 968.75 (Murrey level [7/8], the lower limit of the ascending channel) and 937.50 (Murrey level [6/8], 23.6% Fibonacci retracement).

Technical indicators do not give a clear signal: Bollinger Bands are directed up and Stochastic is pointing down, while MACD is stable in the positive zone. Thus, the resumption of growth of the XPT/USD pair in the near future seems to be a more likely scenario.

Support and resistance

Resistance levels: 1031.25, 1090.60, 1118.50.

Support levels: 994.70, 968.75, 937.50.

Trading tips

Long positions can be opened above the 1031.25 mark or after the price reversal around 968.75 with targets of 1090.60, 1118.50 and stop-losses in the area of 1010.00 and 955.00, respectively. Implementation period: 5–7 days.