Current trend

The XPT/USD pair has been declining for more than two months, while the price chart is gradually forming a downward Triangle figure with a lower border at 947.65 (Fibonacci correction 61.8%).

This week, the quotes unsuccessfully retested 947.65. After a breakout of 968.75 (Murrey level [3/8], Fibonacci correction 50.0%), the asset may return to a strong resistance level of 1000.00 (Murrey level [4/8], Fibonacci correction 38.2%, the middle line of Bollinger Bands). However, within the formation, it is unlikely to rise above it. In case of consolidation below the support zone of 947.65–937.50 (Fibonacci correction 61.8%, Murrey level [2/8]), a decline to the area of ​​906.25 (Murrey level [1/8]) and 875.00 (Murrey level [0/8]) may follow.

Technical indicators do not give a single signal: Bollinger bands are reversing downwards, and the MACD histogram is increasing in the negative zone, confirming the formation of a downward trend. However, Stochastic is reversing upwards in the oversold zone, not excluding a new price increase.

Support and resistance

Resistance levels: 968.75, 1000.00.

Support levels: 937.50, 906.25, 875.00.

Trading tips

Short positions may be opened below 937.50 or when the price reverses at 1000.00, with the targets at 906.25, and 875.00 and stop losses at 960.00, 1020.00 respectively. Implementation period: 5–7 days.