- Palladium picks up bids, extends previous day’s break of weekly resistance line.
- Bullish MACD, sustained trading above 61.8% Fibonacci retracement favor buyers.
Palladium (XPD/USD) remains on the front foot around $2,045, up 0.18% intraday during the early European session on Tuesday.
The precious metal crossed a downward sloping trend line from October 14 the previous day. The same joins upbeat MACD signals to keep buyers hopeful.
However, a clear upside break of the 200-EMA, around $2,070 by the press time, becomes necessary for the commodity bulls before challenging the monthly peak of $2,176.
During the rise, the $2,100 threshold will become an intermediate halt.
Meanwhile, pullback moves remain less important until staying beyond the previous resistance line, close to $2,025 at the latest.
Also acting as a downside filter is the $2,000 psychological magnet and 61.8% Fibonacci retracement of the early October advances, near $1,974.
Overall, palladium prices are likely to extend recovery moves but a bumpy road ahead challenge the buyers.
Palladium: Four-hour chart
Trend: Further upside expected
Additional important levels
|Today last price||2043.62|
|Today Daily Change||3.70|
|Today Daily Change %||0.18%|
|Today daily open||2039.92|
|Previous Daily High||2053.17|
|Previous Daily Low||2013.88|
|Previous Weekly High||2101.4|
|Previous Weekly Low||1979.08|
|Previous Monthly High||2446.72|
|Previous Monthly Low||1848.93|
|Daily Fibonacci 38.2%||2038.16|
|Daily Fibonacci 61.8%||2028.89|
|Daily Pivot Point S1||2018.14|
|Daily Pivot Point S2||1996.37|
|Daily Pivot Point S3||1978.85|
|Daily Pivot Point R1||2057.43|
|Daily Pivot Point R2||2074.95|
|Daily Pivot Point R3||2096.72|
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