• Palladium edges higher in the early European session on Monday following the previous week sell-off.
  • Price moves in ascending price channel face resistance near 20-day SMA.
  • Momentum oscillator remained in oversold zone with the bullish sentiment.

Palladium (XPD/USD) edges higher on Monday, following the previous session’s momentum. The metal prices hover in a very narrow trade band with a bullish sentiment.

At the time of writing, XPD/USD is trading at $2,411, up 0.23% for the day.

Palladium daily chart

On the daily chart, the metal moves in the ascending trend from the lows of $2,260 on August 23. The formation of ‘Spinning Top’ near the high of $2,471 resulted in the price correction back to $2,390.

The metal took shelter near the lower bullish slop line, below the 20-day Simple Moving Average (SMA) at $2,416.21.

Being said, prices could move back to the $2,430 horizontal resistance level.

Next, the bulls will attempt to retest the $2,475 horizontal resistance level followed by the psychological $2,500 level.

Alternatively, if price sustained below the mentioned ascending trendline, it could test the $2,375 horizontal support level.

Any downtick in the Moving Average Convergence Divergence (MACD) would amplify the selling pressure toward the $2,350 horizontal support level.

The next area of support would be the key support area around the $2,300 level.

Palladium additional levels

Palladium

Overview
Today last price 2411.09
Today Daily Change 5.19
Today Daily Change % 0.22
Today daily open 2405.9
 
Trends
Daily SMA20 2427.33
Daily SMA50 2572.72
Daily SMA100 2687.14
Daily SMA200 2579.2
 
Levels
Previous Daily High 2405.9
Previous Daily Low 2405.9
Previous Weekly High 2446.72
Previous Weekly Low 2390.09
Previous Monthly High 2684.23
Previous Monthly Low 2260.56
Daily Fibonacci 38.2% 2405.9
Daily Fibonacci 61.8% 2405.9
Daily Pivot Point S1 2405.9
Daily Pivot Point S2 2405.9
Daily Pivot Point S3 2405.9
Daily Pivot Point R1 2405.9
Daily Pivot Point R2 2405.9
Daily Pivot Point R3 2405.9

 

 


 

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