- 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
Additional important levels
|Today last price||2851.63|
|Today Daily Change||-6.36|
|Today Daily Change %||-0.22%|
|Today daily open||2857.99|
|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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