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