Palladium Price Analysis: XPD/USD directs nearby resistance breakout towards 200-EMA


  • 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

Overview
Today last price 2043.62
Today Daily Change 3.70
Today Daily Change % 0.18%
Today daily open 2039.92
 
Trends
Daily SMA20 2018.79
Daily SMA50 2079.08
Daily SMA100 2353.14
Daily SMA200 2509.56
 
Levels
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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