Palladium Price Analysis: XPD/USD eyes to re-test 10-DMA support

Palladium prices reverse from weekly high, retreat inside monthly falling channel.
Descending trend line from February lures short-term bears.
Bulls need a clear break of 61.8% Fibonacci retracement to retake control.
An impending bull cross on MACD teases buyers but bearish channel limits upside momentum.

Anil Panchal FXStreet

Palladium (XPD/USD) takes offers to renew intraday low around $2,030, printing the first daily loss in four heading into Wednesday’s European session.

In doing so, the commodity prices fade the previous day’s 10-DMA breakout inside a one-month-old descending trend channel

It’s worth noting, however, that the looming bull cross on the MACD hints challenges the XPD/USD downside past the 10-DMA level surrounding $2,000.

Also acting as the key downside barrier is a falling trend line from February 11, near $1,875, as well as the lower line of the stated channel, near $1,815.

Alternatively, a clear upside break of the monthly channel’s resistance line, close to $2,070 by the press time, won’t be an open invitation to the palladium buyers.

The reason is the 61.8% Fibonacci retracement of the XPD/USD’s December 2021 to March 2022 upside, near $2,265.

Overall, palladium sellers seem to have run out of steam but the bulls haven’t gained conviction and hence prices remain lackluster.

Palladium: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	2030.6
Today Daily Change	-14.63
Today Daily Change %	-0.72%
Today daily open	2045.23

Trends
Daily SMA20	2116.78
Daily SMA50	2251.91
Daily SMA100	2355.42
Daily SMA200	2142.29

Levels
Previous Daily High	2068.07
Previous Daily Low	1990.33
Previous Weekly High	2155.84
Previous Weekly Low	1878.15
Previous Monthly High	2525.8
Previous Monthly Low	2081.4
Daily Fibonacci 38.2%	2038.37
Daily Fibonacci 61.8%	2020.03
Daily Pivot Point S1	2001.02
Daily Pivot Point S2	1956.8
Daily Pivot Point S3	1923.28
Daily Pivot Point R1	2078.76
Daily Pivot Point R2	2112.28
Daily Pivot Point R3	2156.5

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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