Palladium Price Analysis: XPD/USD bulls challenge 20-day SMA

Palladium notches higher in the early European session on Thursday.
Bulls hold the key support area near $2,620, making it a crucial level to trade.
Momentum oscillator remained in oversold zone with a neutral stance.

Rekha Chauhan Independent Analyst

Palladium (XPD/USD) edges higher on Thursday following the previous session’s decline on Thursday. The metal hovers in a very narrow trade band with an underlying bullish sentiment.

At the time of writing, XPD/USD is trading at, $2,626, up 0.09% for the day.

Palladium four-hour chart

On the daily chart, after making the high at $2,882.78 on July 6, XPD/USD has been under constant selling pressure. The descending trendline from the top acts as a strong resistance barrier for the bulls.

Being said, if prices attempt to break intraday high, it could meet the 20-day Simple Moving Average (SMA) at $2,640 as the first upside target.

A daily close above the mentioned level will coincide with the breaking of the bearish sloping line adding more optimism for XPD/USD bulls.

Bulls will attempt to recapture the $2,655 horizontal resistance level followed by the high of August 3 at $2,683.29.

Alternatively, if price moves lower, it could retrace back to the $2,610 horizontal support level.

Any downtick in the Moving Average Convergence Divergence (MACD) would amplify the selling pressure toward the low of August 10 at $2,588.

The next area of support would be the $2,575 horizontal support level.

Palladium additional levels

Palladium

Overview
Today last price	2626.2
Today Daily Change	2.35
Today Daily Change %	0.09
Today daily open	2623.85

Trends
Daily SMA20	2643.84
Daily SMA50	2687.69
Daily SMA100	2756.14
Daily SMA200	2570.92

Levels
Previous Daily High	2648.22
Previous Daily Low	2610.94
Previous Weekly High	2684.23
Previous Weekly Low	2616.23
Previous Monthly High	2882.78
Previous Monthly Low	2571.07
Daily Fibonacci 38.2%	2625.18
Daily Fibonacci 61.8%	2633.98
Daily Pivot Point S1	2607.12
Daily Pivot Point S2	2590.39
Daily Pivot Point S3	2569.84
Daily Pivot Point R1	2644.4
Daily Pivot Point R2	2664.95
Daily Pivot Point R3	2681.68

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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