4 Global Market Updates- 30 August, 2022

 

In this article, we have covered the highlights of global market news about the Platinum (XPT/USD), AUD/USD, USD/JPY and Gold (XAU/USD).
Platinum Price Analysis: XPT/USD Maintains Path to $830-29 Support Zone

The Platinum price (XPT/USD) is trading at $860 in the early hours of Tuesday morning in Europe. Despite having recovered off a 1.5-month low the day before, the precious metal was unable to maintain buying interest.

Platinum is anticipated to continue to be under pressure around the 61.8% Fibonacci retracement level of the March 2020 to February 2021 upside, close to $858.00, given the quote’s extended weakening below the 200-DMA, about $972.00 at the time of press.

If the bears are successful in breaking through the $858.00 support, the horizontal region that includes the lows recorded in September 2020 and in July 2022 may provide a test to the Platinum bears around $830-29.00.

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