Palladium Price Analysis: Two-month-old support line defends XPD/USD bulls above $2,900

Palladium buyers keep the reins above the key trend line support, battle short-term hurdle.
50 and 200-SMA act as extra filters, normal RSI suggests continuation of bull-run.

Anil Panchal FXStreet

Despite recently struggling with a downward sloping trend line from last Wednesday, palladium (XPD/USD) buyers stay hopeful while flashing 2,936 as a quote, up 0.27% intraday, ahead of Monday’s European session open.

Not only the adjacent resistance line close to $2,937 but the 50-SMA level of $2,959 also tests short-term palladium buyers.

Additionally, the $3,000 psychological magnet and the recent record top, flashed last week, around $3,020, add to the upside filters.

Meanwhile, pullback moves below the stated support line from early March, near $2,910 by the press time, may not hesitate to conquer the $2,800 threshold.

However, 200-SMA and March’s top, respectively around $2,775 and $2,755, could test the palladium bears afterward.

Overall, the bullion is on the north-run but intermediate pullbacks can’t be ruled out.

Palladium four-hour chart

Trend: Bullish

additional important levels

Overview
Today last price	2935.7
Today Daily Change	6.75
Today Daily Change %	0.23%
Today daily open	2928.95

Trends
Daily SMA20	2861.59
Daily SMA50	2659.08
Daily SMA100	2509.96
Daily SMA200	2402.94

Levels
Previous Daily High	2965.66
Previous Daily Low	2827.1
Previous Weekly High	3018.8
Previous Weekly Low	2827.1
Previous Monthly High	3011.62
Previous Monthly Low	2586.05
Daily Fibonacci 38.2%	2880.03
Daily Fibonacci 61.8%	2912.73
Daily Pivot Point S1	2848.81
Daily Pivot Point S2	2768.68
Daily Pivot Point S3	2710.25
Daily Pivot Point R1	2987.37
Daily Pivot Point R2	3045.8
Daily Pivot Point R3	3125.93

Author

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.

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.