Palladium Price Analysis: XPD/USD bears aim for 50-DMA during four-day downtrend

Palladium stays pressured around intraday low, keeps pullback from five-month-old resistance line.
50-DMA, 23.6% Fibonacci retracement level limits immediate downside.
11-week-old horizontal line adds to the upside filters.
RSI retreat, failures to cross immediate hurdle signal for the downside.

Anil Panchal FXStreet

Palladium (XPD/USD) fades bounce off intraday low, down 0.12% on a day around $1,919 during early Monday.

The precious metal rose to the highest since November 22 before stepping back from a five-month-long descending resistance line during the last week.

The pullback moves do gain support from the RSI retreat, which in turn directs the sellers towards a convergence of 50-DMA and 23.6% Fibonacci retracement of May-December south-run, near $1,885.

It’s worth noting that September’s low surrounding $1,849 may offer an intermediate halt during the quote’s downside past $1,885 before the bears can aim for the $1,800 threshold.

Meanwhile, recovery moves need to cross the stated resistance line, around $1,965 at the latest, to recall the buyers.

Even so, the $2,000 psychological magnet and tops marked during October-November, near $2,180, will be tough resistances to cross for the XPD/USD bulls before retaking the controls.

Palladium: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1919.25
Today Daily Change	-2.53
Today Daily Change %	-0.13%
Today daily open	1921.78

Trends
Daily SMA20	1831.23
Daily SMA50	1888.6
Daily SMA100	1943.81
Daily SMA200	2306.04

Levels
Previous Daily High	1921.78
Previous Daily Low	1921.78
Previous Weekly High	1997.88
Previous Weekly Low	1886.35
Previous Monthly High	1997.88
Previous Monthly Low	1549.8
Daily Fibonacci 38.2%	1921.78
Daily Fibonacci 61.8%	1921.78
Daily Pivot Point S1	1921.78
Daily Pivot Point S2	1921.78
Daily Pivot Point S3	1921.78
Daily Pivot Point R1	1921.78
Daily Pivot Point R2	1921.78
Daily Pivot Point R3	1921.78

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.

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