Palladium Price Analysis: XPD/USD fades bounce off 50-DMA around $2,850


  • Palladium seesaws in a choppy range after bouncing off key DMA.
  • Bullish MACD, sustained trading beyond important support keeps buyers hopeful.
  • Ascending trend line from late January keeps buyers hopeful.

Palladium (XPD/USD) carries early Asian weakness around $2,851, down 0.22% intraday, ahead of Tuesday’s European session. In doing so, the commodity prices lack follow-through after bouncing off 50-DMA the previous day.

Even so, bullish MACD and sustained trading beyond crucial moving average favor XPD/USD bulls until the quote stay beyond $2,794 DMA support.

Following that, May’s low around $2,725 and late March tops near $2,685 could test the bears before directing them to an ascending support line from late January, surrounding $2550.

Alternatively, a daily closing beyond June’s high around $2,875 will aim for the $2,900 round figure and May 18 swing high close to $2,945.

However, sustained trading beyond $2,945 will help palladium bulls to aim for the $3,000 threshold before aiming for May’s top, also the record high, around $3,820.

Palladium: Daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 2851.63
Today Daily Change -6.36
Today Daily Change % -0.22%
Today daily open 2857.99
 
Trends
Daily SMA20 2713.71
Daily SMA50 2796.78
Daily SMA100 2704.79
Daily SMA200 2529.27
 
Levels
Previous Daily High 2867.88
Previous Daily Low 2793.76
Previous Weekly High 2882.78
Previous Weekly Low 2769.1
Previous Monthly High 2872.28
Previous Monthly Low 2461.72
Daily Fibonacci 38.2% 2839.57
Daily Fibonacci 61.8% 2822.07
Daily Pivot Point S1 2811.87
Daily Pivot Point S2 2765.76
Daily Pivot Point S3 2737.75
Daily Pivot Point R1 2885.99
Daily Pivot Point R2 2914
Daily Pivot Point R3 2960.11

 

 

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