• Palladium takes offers to refresh intraday low, prints three-day downtrend.
  • Downward sloping RSI, failures to cross 100-SMA also strengthen bearish bias.
  • Bulls may refrain from entries unless crossing six-week-old falling trend line.

Palladium (XPD/USD) remains on the back foot for the third consecutive day, refreshes intraday bottom around $2,412 heading into Thursday’s European session.

Having failed to cross 100-SMA, the precious metal broke an ascending trend line from August 26 the previous day. The same joins descending RSI line to keep sellers hopeful.

Hence, the latest swing low, comprising 23.6% Fibonacci retracement of July 23 to August 23 downside around $2,370, lures the XPD/USD bears for now.

However, a clear downside past $2,370 won’t step back from challenging the last month’s low of $2,260. During the fall, August 20 peak surrounding $2,330 and the $2,300 threshold may offer intermediate halts.

Meanwhile, corrective pullback needs to cross the previous support and 100-SMA, respectively around $2,440 and $2,455, to justify the capacity of rebound.

Even if the quote manages to rise past $2,455, a 12-day-old horizontal hurdle near $2,473 and descending trend line from July 23, close to $2,575, will be crucial for the palladium buyers.

Palladium: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 2412.81
Today Daily Change -4.36
Today Daily Change % -0.18%
Today daily open 2417.17
 
Trends
Daily SMA20 2460.81
Daily SMA50 2597.63
Daily SMA100 2703.42
Daily SMA200 2578.18
 
Levels
Previous Daily High 2446.72
Previous Daily Low 2412.13
Previous Weekly High 2471.73
Previous Weekly Low 2260.56
Previous Monthly High 2684.23
Previous Monthly Low 2260.56
Daily Fibonacci 38.2% 2425.34
Daily Fibonacci 61.8% 2433.51
Daily Pivot Point S1 2403.96
Daily Pivot Point S2 2390.75
Daily Pivot Point S3 2369.37
Daily Pivot Point R1 2438.55
Daily Pivot Point R2 2459.93
Daily Pivot Point R3 2473.14

 

 

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