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Palladium Price Analysis: 61.8% Fibo. tests XPD/USD bulls inside monthly triangle

  • Palladium prices struggle to extend three-day recovery from 200-DMA.
  • Sluggish RSI portrays traders’ indecision inside a trend continuation pattern.

Having reversed from a monthly low during the early week, palladium (XPD/USD) prices remain sidelined at around $2,230 ahead of Friday’s European session.

In doing so, the precious metal holds onto the recovery moves from the 200-DMA but stays inside a symmetrical triangle formation established on March 18.

On an immediate basis, the 61.8% Fibonacci retracement (Fibo.) of December 2021 to March 2022 upside, near $2,260, restricts the quote further upside.

Following that, the upper line of the aforementioned triangle will join the 50% Fibo. to highlight the $2,475 as a tough nut to crack for the XPD/USD bulls.

Meanwhile, pullback moves may retest the 200-DMA level surrounding $2,133, a break of which will direct the palladium bears towards breaking the triangle’s support line, at $2,090 by the press time.

Also acting as the downside filter are the bottoms marked so far in April and March, respectively around $2,080 and $2,045.

Palladium: Daily chart

Trend: Sideways

Additional important levels

Overview
Today last price2232.5
Today Daily Change5.83
Today Daily Change %0.26%
Today daily open2226.67
 
Trends
Daily SMA202320.91
Daily SMA502452.56
Daily SMA1002326.9
Daily SMA2002133.44
 
Levels
Previous Daily High2273.73
Previous Daily Low2213.47
Previous Weekly High2479.63
Previous Weekly Low2346.48
Previous Monthly High3411.11
Previous Monthly Low2044.39
Daily Fibonacci 38.2%2250.71
Daily Fibonacci 61.8%2236.49
Daily Pivot Point S12202.18
Daily Pivot Point S22177.7
Daily Pivot Point S32141.92
Daily Pivot Point R12262.44
Daily Pivot Point R22298.22
Daily Pivot Point R32322.7

Author

Anil Panchal

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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