- 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.
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
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
AUD/USD consolidates in multi-day lows near 0.6350 ahead of RBA rate decision
AUD/USD is consolidating its recent losses above the mid-0.6300s during the early Asian session on Tuesday. Traders prefer to wait on the sidelines ahead of the critical Reserve Bank of Australia (RBA) interest rate decision due to be announced at 3:30 GMT.
EUR/USD languishes near YTD low, just above mid-1.0400s on bullish USD
EUR/USD refreshes YTD low on Tuesday and is pressured by a combination of factors. Bets that further ECB rate hikes may be off the table continue to undermine the Euro. The Fed’s hawkish outlook pushes the USD to an 11-month top and contributes to the fall.
Gold approaches $1,800 as demand for the USD prevails
Spot Gold fell to a fresh multi-month low of $1,827.11 a troy ounce on Monday amid resurgent US Dollar demand. The Greenback suffered a minor setback at the beginning of the week, as generally encouraging Chinese data and upbeat United States (US) news underpinned the mood.
Bitcoin price macro outlook remains uncertain, analyst says
Bitcoin price is still not in the clear, according to analyst and trader Rekt Capital, who explores the price action on a macro perspective. It comes after the big crypto leaped almost 5%, testing the $28,600 levels before a retraction.
RBA Decision Preview: Australian central bank expected to hold interest rate steady for fourth straight time
The Reserve Bank of Australia (RBA) is on track to keep its key interest rate unchanged for the fourth straight time on Tuesday, in a meeting that will be the first one for Michele Bullock as the new central bank Governor.