Palladium Price Analysis: XPD/USD consolidates in broader trade range on daily chart

Palladium nose dives on Monday with more than 1% fall.
Price moves in a broader consolidating trading range of $1,960 and $2,080.
XPD/USD has been in a continuous downward trend since early May.

Rekha Chauhan Independent Analyst

Palladium (XPD/USD) takes a negative start on the fresh trading week. The metal prices hover in a broader trade band on the daily chart, with a bearish sentiment.

At the time of writing, XPD/USD is trading at $1,966, down 1.57% for the day.

Palladium daily chart

Technically speaking, the metal remained in medium-term downside price movement since the beginning of May.

Now, the metal took shelter near $1,960, below the 10-day Simple Moving Average (SMA) at $2,048.

Having said that, prices could test the low made in the previous week at $1,939 on Tuesday.

Palladium weekly chart

Any downtick in the Moving Average Convergence Divergence (MACD) would amplify the selling pressure toward the levels last seen in July 2020 around $1,900.

Alternatively, if price reverses the direction, it could coil back towards the previous session’s high at $2,041 followed by the $2,080 horizontal resistance level.

Next, the bulls would attempt a retest of the $2,100 psychological level.

Palladium additional levels

Palladium

Overview
Today last price	1969.4
Today Daily Change	-28.63
Today Daily Change %	-1.43
Today daily open	1998.03

Trends
Daily SMA20	2241.34
Daily SMA50	2430.08
Daily SMA100	2590.66
Daily SMA200	2567.35

Levels
Previous Daily High	1998.03
Previous Daily Low	1998.03
Previous Weekly High	2154.37
Previous Weekly Low	1939.35
Previous Monthly High	2684.23
Previous Monthly Low	2260.56
Daily Fibonacci 38.2%	1998.03
Daily Fibonacci 61.8%	1998.03
Daily Pivot Point S1	1998.03
Daily Pivot Point S2	1998.03
Daily Pivot Point S3	1998.03
Daily Pivot Point R1	1998.03
Daily Pivot Point R2	1998.03
Daily Pivot Point R3	1998.03

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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