- 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
Additional important levels
|Today last price||2016.5|
|Today Daily Change||-10.05|
|Today Daily Change %||-0.50%|
|Today daily open||2026.55|
|Previous Daily High||2078.03|
|Previous Daily Low||1991.73|
|Previous Weekly High||2415.48|
|Previous Weekly Low||2121.94|
|Previous Monthly High||2684.23|
|Previous Monthly Low||2260.56|
|Daily Fibonacci 38.2%||2045.06|
|Daily Fibonacci 61.8%||2024.7|
|Daily Pivot Point S1||1986.18|
|Daily Pivot Point S2||1945.8|
|Daily Pivot Point S3||1899.88|
|Daily Pivot Point R1||2072.48|
|Daily Pivot Point R2||2118.4|
|Daily Pivot Point R3||2158.78|
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