- Palladium seesaws around monthly peak, keeps key trend line breakout.
- Firmer Momentum line strengthens bullish bias, $2,460-75 becomes the key hurdle.
Palladium (XPD/USD) bulls take a breather around a one-month high, recently sidelined near $2,115 ahead of Tuesday’s European session.
The precious metal refreshed the multi-day top following its sustained run-up beyond the previous resistance lines from August and July. Also backing the XPD/USD bulls is the upbeat Momentum line.
Hence, the commodity buyers can ignore the latest sideways grind while aiming for October’s peak surrounding $2,180.
Though, any further upside will enable the palladium bulls to aim for the late August month’s low near $2,265. Even so, a convergence of the 200-DMA, June’s low and August 25 high, around $2460-75 becomes a tough nut to crack for them afterward.
Meanwhile, pullback moves remain less important until staying beyond a descending trend line from August, near $2,050.
Following that, the $2,000 threshold and a four-month-old support line, previous resistance, will lure the palladium bears to $1,980.
Palladium: Daily chart
Trend: Further upside expected
Additional important levels
|Today last price||2116.45|
|Today Daily Change||-4.05|
|Today Daily Change %||-0.19%|
|Today daily open||2120.5|
|Previous Daily High||2131.91|
|Previous Daily Low||2087.29|
|Previous Weekly High||2108.59|
|Previous Weekly Low||2000.52|
|Previous Monthly High||2178.1|
|Previous Monthly Low||1849.2|
|Daily Fibonacci 38.2%||2114.87|
|Daily Fibonacci 61.8%||2104.33|
|Daily Pivot Point S1||2094.56|
|Daily Pivot Point S2||2068.61|
|Daily Pivot Point S3||2049.94|
|Daily Pivot Point R1||2139.18|
|Daily Pivot Point R2||2157.85|
|Daily Pivot Point R3||2183.8|
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