Palladium Price Analysis: 10-day EMA defends XPD/USD bulls around mid-$2,900s

Palladium bucks the commodity basket’s latest trend, probes intraday high of late.
Buyers aim for weekly resistance line on bounce off immediate EMA support.
Bearish MACD could test the bulls afterward, six-week-old support line adds to the downside filters.

Anil Panchal FXStreet

Palladium (XPD/USD) picks up bids around $2,950, up 0.44% intraday, as European traders brace for Wednesday’s trading bell. In doing so, the commodity highlights 10-day EMA as near-term strong support even as the monthly resistance line tests the buyers amid bearish MACD.

Hence, the latest corrective pullback from the 10-day EMA level of $2,938 propels the bright metal towards the stated trend line resistance, around $2,980 by the press time.

However, any further upside will have a bumpy road as the $3,000 threshold and the recent top, also the all-time, near $3,020 should cap the run-up.

Meanwhile, a downside break of $2,938 could catch a breather around late April tops near $2,900 ahead of highlighting an ascending support line from March 29, close to $2,841.

Overall, Palladium stays in the upward trajectory but bulls need a strong push and may look to the US CPI figures for a clear direction.

Palladium daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	2950.79
Today Daily Change	13.13
Today Daily Change %	0.45%
Today daily open	2937.66

Trends
Daily SMA20	2887.8
Daily SMA50	2682.46
Daily SMA100	2521.89
Daily SMA200	2411.53

Levels
Previous Daily High	2984.41
Previous Daily Low	2911.68
Previous Weekly High	3018.8
Previous Weekly Low	2827.1
Previous Monthly High	3011.62
Previous Monthly Low	2586.05
Daily Fibonacci 38.2%	2939.46
Daily Fibonacci 61.8%	2956.63
Daily Pivot Point S1	2904.76
Daily Pivot Point S2	2871.85
Daily Pivot Point S3	2832.03
Daily Pivot Point R1	2977.49
Daily Pivot Point R2	3017.31
Daily Pivot Point R3	3050.22

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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