Palladium Price Analysis: XPD/USD bulls attack $2,600 on the bumpy road to recovery


  • Palladium gradually overcomes three-month low, up for second positive day.
  • 50% Fibonacci retracement, 100-DMA guards immediate upside, multiple horizontal lines test the bulls afterward.
  • Late March low, 61.8% Fibonacci retracement restrict short-term downside.

Palladium (XPD/USD) holds onto the previous day’s recovery moves from mid-March lows, taking rounds to $2,595 heading into Tuesday’s European session. In doing so, the precious metal gains 0.14% intraday as it battles the 50% Fibonacci retracement (Fibo.) of October 2020 to May 2021 upside.

Given the receding bearish bias of MACD and the commodity’s sustained trading above the key Fibonacci retracement, namely the 61.8% Fibo., Palladium buyers can cross the immediate hurdle surrounding $2,600. However, the quote's further upside will be probed by 100-day SMA (DMA) level near $2,650.

During the XPD/USD upside past $2,650, 38.2% Fibonacci retracement around $2,705 holds the key to the run-up towards two horizontal lines, stretched from late April and March, respectively around $2,730 and $2,760.

Alternatively, $2,560 may entertain the intraday sellers ahead of directing them to 61.8% Fibo. retest, near $2,505.

If at all the commodity prices fails to stay beyond $2,500, the latest low near $2,460 adds to the downside filters.

Overall, palladium remains on the recovery mode but multiple hurdles test the bulls and can offer intermediate pullbacks.

Palladium daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 2593.88
Today Daily Change 3.37
Today Daily Change % 0.13%
Today daily open 2590.51
 
Trends
Daily SMA20 2763.77
Daily SMA50 2828.29
Daily SMA100 2645.9
Daily SMA200 2496.32
 
Levels
Previous Daily High 2596.2
Previous Daily Low 2474.75
Previous Weekly High 2841.3
Previous Weekly Low 2461.72
Previous Monthly High 3018.8
Previous Monthly Low 2726.52
Daily Fibonacci 38.2% 2549.81
Daily Fibonacci 61.8% 2521.14
Daily Pivot Point S1 2511.44
Daily Pivot Point S2 2432.37
Daily Pivot Point S3 2389.99
Daily Pivot Point R1 2632.89
Daily Pivot Point R2 2675.27
Daily Pivot Point R3 2754.34

 

 

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