Palladium Price Analysis: XPD/USD bears brace for $1,850

Palladium consolidates the biggest daily losses since September at monthly low.
Clear break of seven-week-old trend line, bearish MACD signals favor sellers.
Ascending resistance line from September, 100-DMA challenge bulls.

Anil Panchal FXStreet

Palladium (XPD/USD) traders lick their wounds around November’s low while picking up bids to $1,971 ahead of Tuesday’s European session.

Although multiple lows marked during late October restrict the immediate downside of the precious metal, a daily closing below the previous support line from early October joins bearish MACD signals to keep sellers hopeful.

Hence, the $1,960-55 area may offer nearby support to the XPD/USD prices before highlighting the early October peak near $1,915 and the $1,900 round figure.

In a case where the palladium prices drop below $1,900, sellers can aim for the yearly low near $1,850-49.

Meanwhile, corrective pullback remains elusive beyond the support-turned-resistance of around $2,052.

Adding to the upside filters are the 100-DMA and an ascending resistance line from September 13, respectively around $2,180 and $2,205.

Palladium: Daily chart

Trend: Bearish

Additional important levels

Overview
Today last price	1971.7
Today Daily Change	16.40
Today Daily Change %	0.84%
Today daily open	1955.3

Trends
Daily SMA20	2048.17
Daily SMA50	2013.8
Daily SMA100	2186.98
Daily SMA200	2470.11

Levels
Previous Daily High	2068.18
Previous Daily Low	1948.5
Previous Weekly High	2178.99
Previous Weekly Low	2055.75
Previous Monthly High	2178.1
Previous Monthly Low	1849.2
Daily Fibonacci 38.2%	1994.22
Daily Fibonacci 61.8%	2022.46
Daily Pivot Point S1	1913.14
Daily Pivot Point S2	1870.98
Daily Pivot Point S3	1793.46
Daily Pivot Point R1	2032.82
Daily Pivot Point R2	2110.34
Daily Pivot Point R3	2152.5

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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