Palladium Price Analysis: XPD/USD bulls seem tired above $2,900
|- Palladium prints five-day uptrend, mildly bid of late.
- Key SMAs, monthly resistance line guards immediate upside.
- Weekly support line defends bulls amid upbeat MACD signals.
Palladium (XPD/USD) battles 50-SMA, up 0.24% intraday around $2,915, heading into Wednesday’s European session. The bullion has been ignoring struggling to justify bullish MACD signals, not to forget the short-term rising trend line, of late.
Even if the quote crosses the 50-SMA immediate hurdle, around $2,920, 100-SMA level of $2,939 and a falling trend line from May 04 test buyers.
It should, however, be noted that a clear run-up beyond $2,920 enables the precious metal buyers to attack the $3,000 threshold before targeting the yearly top surrounding $3,020.
Meanwhile, a downside break of nearby trend line support of $2,906 precedes the $2,900 round figure to challenge the short-term sellers.
In a case where XPD/USD drops below $2,900, the monthly low of $2,806 and the $2,800 level could return to the chart.
Palladium four-hour chart
Trend: Pullback expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.