Palladium Price Analysis: XPD/USD bounces off 200-SMA towards $2,900


  • Palladium holds onto previous day’s recovery moves from key SMA, Fibonacci retracement level.
  • Monthly horizontal hurdle, short-term falling trend line test the bulls.
  • Easing bearish bias of MACD backs further upside, 61.8% Fibonacci retracement offers extra support.

Palladium (XPD/USD) prices pick-up bids around $2,891, up 0.88% intraday, ahead of Friday’s European session. In doing so, the bullion justifies the previous day’s bounce off 200-SMA and 50% Fibonacci retracement level of April–May upside. Also backing the recovery movement is the receding bearish bias of the MACD.

Even so, multiple lows marked since late April around $2,900-901 guard the commodity’s immediate upside.

During the quote’s run-up beyond $2,901, a weekly falling trend line near $2,920-21 will be the key as it holds the gate for the pair’s run-up towards the all-time high of $3,020.

Meanwhile, 200-SMA and 50% Fibonacci retracement, respectively around $2,810 and $2,800 will direct the palladium sellers toward the 61.8% Fibonacci retracement level of $2,751.

It should, however, be noted that the bears will gain strength on the break of $2,751, which in turn could recall the $2,700 threshold back to the chart.

Palladium four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price 2892.16
Today Daily Change 25.73
Today Daily Change % 0.90%
Today daily open 2866.43
 
Trends
Daily SMA20 2903.17
Daily SMA50 2703.13
Daily SMA100 2532.81
Daily SMA200 2418.97
 
Levels
Previous Daily High 2908.75
Previous Daily Low 2806.06
Previous Weekly High 3018.8
Previous Weekly Low 2827.1
Previous Monthly High 3011.62
Previous Monthly Low 2586.05
Daily Fibonacci 38.2% 2869.52
Daily Fibonacci 61.8% 2845.29
Daily Pivot Point S1 2812.08
Daily Pivot Point S2 2757.72
Daily Pivot Point S3 2709.39
Daily Pivot Point R1 2914.77
Daily Pivot Point R2 2963.1
Daily Pivot Point R3 3017.46

 

 

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