Platinum Price Analysis: XPT/USD teases falling wedge breakout ahead of Fed, $975 in focus

• Platinum stays firmer around fortnight top, pokes resistance line of a bullish chart pattern.
• Oscillators favor buyers but 200-DMA acts as an additional upside filter.
• Multiple supports around $900 could challenge bears during further downside.

Platinum (XPT/USD) prices remain on the front foot around a two-week high flashed the previous day, up half a percent surrounding $971 by the press time. In doing so, the precious metal extends the previous day’s rebound from the yearly low during the two-day uptrend heading into Wednesday’s European session.

From a technical perspective, the commodity prices portray a falling wedge bullish chart formation if observing XPT/USD moves since early March. That said, the buyers attack the wedge’s resistance line near $973 at the latest.

Given the bullish MACD signals and recently improving RSI line, not overbought, the commodity is expected to stay on the buyer’s table. However, a clear upside break of the $975 becomes necessary to convince bulls.

Following that, the 200-DMA and tops marked during late March, respectively around $1,005 and $1,045, could test the buyers ahead of the $1,100 threshold and the theoretical target of the wedge breakout, around $1,250.

Meanwhile, pullback moves could aim for the $943-45 nearby support zone before the previous month’s bottom close to $908.

It should be observed, however, that multiple levels between $905 and $898 could challenge the platinum bears during the quote’s weakness past $908.

Platinum: Daily chart

Trend: Further upside expected