Palladium Price Analysis: XPD/USD bulls battle support-turned-resistance around $2,500


  • Palladium revisits 200-DMA, five-month-old trend line on a bounce from three-month low.
  • Bearish MACD, strong upside hurdles and US dollar strength probe the buyers.
  • Horizontal area from November 2020 adds to the upside filters, sellers brace for a bumpy road ahead.

Palladium (XPD/USD) consolidates recent losses below $2,500, up 0.82% intraday near $2,495 ahead of Monday’s European session. In doing so, the bright metal keeps the bounce off March 17 lows, flashed the previous day, to battle a convergence of 200-day SMA and previous support line.

Given the strongest bearish bias of the MACD in 15 months, coupled with the sustained trading below the key levels, palladium prices are likely to remain pressured toward the late November 2020 tops surrounding $2,435.

It’s worth noting that there are multiple supports around $2,350 and the $,2300 threshold before dragging the quote to March’s low of $2277 during the commodity’s further weakness.

Alternatively, a clear upside break of $2,500-05 resistance confluence, previous support, won’t offer a free pass to the buyers as a seven-month-old horizontal hurdle around $2,520-30 becomes a tough nut to crack for palladium buyers.

Even if the precious metal prices cross the $2,530 hurdle, there are multiple hurdles around $2,575 and $2,685-90 before highlighting May’s low of $2,725 for the bulls.

To sum up, Palladium bears seem to take a breather but aren’t out of the woods.

Palladium daily chart

Trend: Bearish

Additional important levels

Overview
Today last price 2495.83
Today Daily Change 20.66
Today Daily Change % 0.83%
Today daily open 2475.17
 
Trends
Daily SMA20 2771.04
Daily SMA50 2830.05
Daily SMA100 2642.52
Daily SMA200 2494.84
 
Levels
Previous Daily High 2598.38
Previous Daily Low 2461.72
Previous Weekly High 2841.3
Previous Weekly Low 2461.72
Previous Monthly High 3018.8
Previous Monthly Low 2726.52
Daily Fibonacci 38.2% 2513.92
Daily Fibonacci 61.8% 2546.18
Daily Pivot Point S1 2425.13
Daily Pivot Point S2 2375.1
Daily Pivot Point S3 2288.47
Daily Pivot Point R1 2561.79
Daily Pivot Point R2 2648.42
Daily Pivot Point R3 2698.45

 

 

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