- 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
|Today last price||2411.09|
|Today Daily Change||5.19|
|Today Daily Change %||0.22|
|Today daily open||2405.9|
|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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