- 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
|Today last price||2680.19|
|Today Daily Change||3.87|
|Today Daily Change %||0.14%|
|Today daily open||2676.32|
|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|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.