• Palladium stays mildly bid, up for the second day after crossing three-week-old falling trend line.
  • 100 and 200-DMA guard immediate upside amid overbought RSI conditions.
  • 61.8% Fibonacci retracement offers immediate support, late July tops add to the upside filters.

Palladium (XPD/USD) stays mildly bid around $2,680, up 0.10% intraday, as European traders brace for Tuesday’s bell. In doing so, the precious metal rises for the second consecutive day after crossing a downward sloping trend line from July 12.

However, the key Simple Moving Averages (SMAs) restrict the quote’s immediate upside amid overbought RSI conditions.

Hence, a pullback towards 50% Fibonacci retracement level of June 18 to July 06 upside, near $2,670, becomes imminent. However, any further weakness will be challenged by a 61.8% Fibonacci retracement level of $2,622.

If at all the XPD/USD prices remain weak past $2,622, a convergence of the previous resistance line and an ascending support line from late June, near the $2,600 threshold, will be crucial to watch for the bears.

Alternatively, 100-SMA and 200-SMA, respectively around $2,685 and $2,700, guard the quote’s immediate upside ahead of late July’s high near $2,725.

In a case where the palladium buyers remain dominant past $2,725, a horizontal line comprising July 06 low and July 16 high, near $2,770, should be watched closely.

Palladium: Four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 2680.19
Today Daily Change 3.87
Today Daily Change % 0.14%
Today daily open 2676.32
 
Trends
Daily SMA20 2691.49
Daily SMA50 2724.94
Daily SMA100 2755.23
Daily SMA200 2556.89
 
Levels
Previous Daily High 2684.23
Previous Daily Low 2636
Previous Weekly High 2695.55
Previous Weekly Low 2589.94
Previous Monthly High 2882.78
Previous Monthly Low 2571.07
Daily Fibonacci 38.2% 2665.81
Daily Fibonacci 61.8% 2654.42
Daily Pivot Point S1 2646.8
Daily Pivot Point S2 2617.29
Daily Pivot Point S3 2598.57
Daily Pivot Point R1 2695.03
Daily Pivot Point R2 2713.75
Daily Pivot Point R3 2743.26

 

 

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