Platinum Price Analysis: XPT/USD’s further downside hinges on 21-DMA breakdown

• Platinum struggles to overcome the biggest daily losses in a month.
• Steady RSI, sustained trading below key SMAs keep sellers hopeful.

Platinum (XPT/USD) holds lower grounds near $960 heading into Tuesday’s European session.

The precious metal dropped the most in a month the previous day amid failures to the 50-DMA. Also keeping the XPT/USD bears was the steady RSI line and successful trading below the 100-DMA.

That said, the 21-DMA level near $954 precedes 23.6% Fibonacci retracement of November-December downside, around $947, to restrict short-term declines of the metal.

During the commodity’s weakness past $947, $926 and the yearly low of $898 will be crucial to watch.

On the contrary, recovery moves may initially aim for the 50-DMA level surrounding $980, a break of which will direct XPT/USD bulls towards the 100-DMA, around $992 by the press time.

In a case where platinum prices rally past $992, 50% and 61.8% Fibo. levels, respectively around $1001 and $1,026, will lure the commodity buyers.

Platinum: Daily chart

Trend: Further weakness expected