Palladium Price Analysis: XPD/USD eases from nine-month-old resistance to $2,300

Palladium snaps seven-day uptrend near the highest levels since September 2021.
Overbought RSI, failures to cross the key resistance line signals further weakness.
200-DMA, three-month-old horizontal support lures short-term sellers while bulls have a bumpy road to the north.

Anil Panchal FXStreet

Palladium (XPD/USD) takes offers around $2,304, down 1.26% intraday, as the market’s risk-off mood drown commodities heading into Thursday’s European session.

In doing so, the bullion prices take a U-turn from a descending trend line from May 2021. Given the overbought RSI conditions, the latest declines are likely to last longer.

The same highlights the 200-DMA and a horizontal resistance-turned-support area from October 2021, respectively around $2,210 and $2,185, for XPD/USD sellers.

In a case where palladium prices drop below $2,185, the $2,000 psychological magnet and December 2021 top near $1,997, should return to the chart.

Alternatively, the metal’s run-up beyond the stated resistance line, near $2,340 by the press time, will aim for the 61.8% Fibonacci retracement of May-December 2021 downside, close to $2,460.

Following that, the XPD/USD bulls will have a free hand to aim for the $3,000 round figure with tops marked in July around $1,720 and $2,880 likely acting as buffers.

Palladium: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	2306.19
Today Daily Change	-27.56
Today Daily Change %	-1.18%
Today daily open	2333.75

Trends
Daily SMA20	1974.38
Daily SMA50	1883.51
Daily SMA100	1941.09
Daily SMA200	2211.83

Levels
Previous Daily High	2353.87
Previous Daily Low	2166.72
Previous Weekly High	2123.91
Previous Weekly Low	1868.1
Previous Monthly High	1997.88
Previous Monthly Low	1549.8
Daily Fibonacci 38.2%	2282.38
Daily Fibonacci 61.8%	2238.21
Daily Pivot Point S1	2215.69
Daily Pivot Point S2	2097.63
Daily Pivot Point S3	2028.54
Daily Pivot Point R1	2402.84
Daily Pivot Point R2	2471.93
Daily Pivot Point R3	2589.99

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.

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