Palladium Price Analysis: 5-DMA, previous support from July challenge XPD/USD bulls
- Palladium snaps two-day rebound from 14-month low, sidelined of late.
- Support-turned-resistance, short-term moving average challenges recovery moves amid bearish MACD.
- Sellers may eye fresh multi-month low, August lows add to the upside filters.
Palladium (XPD/USD) fades the previous two-day bounce off the multi-month low while portraying a sideways move near $2,014, down 0.60% intraday as European traders brush their screens for Friday’s work.
In doing so, the precious metal takes a U-turn from a two-month-old previous support line, as well as 5-DMA, amid bearish MACD signals.
As a result, the commodity sellers are bracing for a fresh low since July 2020 while initially targeting the latest bottom near $1,939.
Should the quote remains bearish below $1,939, the $1,900 threshold and late June 2020 trough near $1,815 will be in focus.
Alternatively, an upside clearance of $2,030 could trigger a short-term recovery targeting the August month’s low near $2,265.
However, any further upside will need to refresh the monthly top near $2,450 to recall the XPD/USD bulls.
Palladium: Daily chart
Trend: Further weakness expected
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.
