Palladium Price Analysis: XPD/USD bulls seem tired above $2,900
- Palladium prints five-day uptrend, mildly bid of late.
- Key SMAs, monthly resistance line guards immediate upside.
- Weekly support line defends bulls amid upbeat MACD signals.
Palladium (XPD/USD) battles 50-SMA, up 0.24% intraday around $2,915, heading into Wednesday’s European session. The bullion has been ignoring struggling to justify bullish MACD signals, not to forget the short-term rising trend line, of late.
Even if the quote crosses the 50-SMA immediate hurdle, around $2,920, 100-SMA level of $2,939 and a falling trend line from May 04 test buyers.
It should, however, be noted that a clear run-up beyond $2,920 enables the precious metal buyers to attack the $3,000 threshold before targeting the yearly top surrounding $3,020.
Meanwhile, a downside break of nearby trend line support of $2,906 precedes the $2,900 round figure to challenge the short-term sellers.
In a case where XPD/USD drops below $2,900, the monthly low of $2,806 and the $2,800 level could return to the chart.
Palladium four-hour chart
Trend: Pullback 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.
