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

Additional important levels

Overview
Today last price 2913.38
Today Daily Change 4.89
Today Daily Change % 0.17%
Today daily open 2908.49
 
Trends
Daily SMA20 2921.02
Daily SMA50 2737.95
Daily SMA100 2549.7
Daily SMA200 2429.53
 
Levels
Previous Daily High 2946.06
Previous Daily Low 2894.36
Previous Weekly High 3002.48
Previous Weekly Low 2806.06
Previous Monthly High 3011.62
Previous Monthly Low 2586.05
Daily Fibonacci 38.2% 2926.31
Daily Fibonacci 61.8% 2914.11
Daily Pivot Point S1 2886.55
Daily Pivot Point S2 2864.6
Daily Pivot Point S3 2834.85
Daily Pivot Point R1 2938.25
Daily Pivot Point R2 2968
Daily Pivot Point R3 2989.95

 

 

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