Palladium Price Analysis: XPD/USD bulls return around $2,100
- Palladium refreshes monthly top on crossing a two-month-old resistance, not support.
- Bullish MACD signals favor buyers, 50-DMA guards immediate upside.
Palladium (XPD/USD) challenges a two-month-old downtrend while taking the bids around $2,095, up 1.48% intraday ahead of Monday’s European session.
The precious metal jumped above 21-DMA the previous day before crossing a downward sloping trend line from mid-August during the early Asian session.
Given the bullish MACD signals joining the trend line breakout, XPD/USD bulls are likely to retake controls, suggesting further upside towards the 50-DMA level of $2,167.
However, a daily closing beyond 50-DMA enables the commodity buyers to aim for August month’s low near $2,265.
Alternatively, pullback moves remain less important until staying beyond the resistance-turned-support line near $2,060.
Following that, the $2,000 threshold and 21-DMA level close to $1,948 may tease palladium sellers before directing them to the yearly low near $1,848.
Overall, XPD/USD buyers have a brighter scope of return but 50-DMA questions nearby recovery moves.
Palladium: Daily chart
Trend: Further upside expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
