Platinum Price Analysis: XPT/USD at a make or break point, bulls hope a pullback near $1,160

• XPT/USD hopes for a pullback near $1,154.60 amid rising channel formation.
• A bearish crossover of 50-period and 200-period EMAs around $1,100, adds to the downside filters.
• Bears may continue grinding lower if the asset slips below $1,043.95.

Platinum (XPT/USD) has plunged below Friday’s low at $1,053.46 despite a decent opening in Monday’s session. The metal is trading at a make or breaks level as the asset is hovering around the lower end of the rising channel.

On an hourly scale, the asset is trading in a rising channel that offers a buying opportunity if the asset taps the lower end of the rising channel. The asset is currently juggling around the lower end of the rising channel. Therefore, a pullback or a bearish continuation both requires a decent amount of filters.

Platinum has witnessed a steep fall after a bearish crossover of 50-period and 200-period Exponential Moving Averages (EMAs) around $1,100.

The Relative Strength Index (RSI) (14) is oscillating in a range of 40.00-60.00, which indicates a no man’s land as the asset consolidates in this particular range. For a pullback, the RSI (14) needs to violate 60.00 for a bullish setup. While, for a bearish continuation, the RSI (14) needs to tumble below 40.00, which will add to the downside filters.

For a pullback, bulls need to overstep Friday’s high at $1,087.06, which will drive the asset towards Thursday’s high at $1,103.96 and Wednesday’s average traded price at $1,122.80.

On the flip side, bears may continue bearish momentum if Platinum slips below March 1 lows at $1,043.95. Breach of the same will drag the asset towards February 28 low at $1,036.65 and February 8 lows at 1,008.03.

Platinum hourly chart