Palladium Price Analysis: XPD/USD flirts with $2,650 on the way to five-week-old support line

Palladium fades bounce off intraday low, drops for the second consecutive day.
Further losses envisioned on bearish MACD, pullback from 200-SMA.
Monthly low adds to the downside filters, horizontal resistance from July 04 also probes bulls.

Anil Panchal FXStreet

Palladium (XPD/USD) remains pressured around $2,650, down 0.39% intraday, ahead of Tuesday’s European session.

In doing so, the precious metal extends Friday’s pullback from 200-SMA amid bearish MACD signals.

Hence, the commodity sellers are on their way south to an ascending support line from June 18, surrounding $2,600.

However, any further weakness past $2,600 needs to conquer the monthly low near $2,570 to keep the XPD/USD sellers hopeful.

Alternatively, a clear upside break of 200-SMA isn’t a green signal for the metal buyers as a horizontal area surrounding $2,765-70 could challenge the further upside.

If at all the palladium buyers manage to cross the $2,770 hurdle, the run-up to the monthly high of $2,882 can’t be ruled out.

XPD/USD: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	2650.32
Today Daily Change	-11.28
Today Daily Change %	-0.42%
Today daily open	2661.6

Trends
Daily SMA20	2742.78
Daily SMA50	2742.63
Daily SMA100	2745.89
Daily SMA200	2549.27

Levels
Previous Daily High	2695.55
Previous Daily Low	2651.55
Previous Weekly High	2722.83
Previous Weekly Low	2571.07
Previous Monthly High	2872.28
Previous Monthly Low	2461.72
Daily Fibonacci 38.2%	2668.36
Daily Fibonacci 61.8%	2678.74
Daily Pivot Point S1	2643.58
Daily Pivot Point S2	2625.57
Daily Pivot Point S3	2599.58
Daily Pivot Point R1	2687.58
Daily Pivot Point R2	2713.57
Daily Pivot Point R3	2731.58

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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