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.

AUD/USD bulls regain control above 0.6950 amid USD retreat

AUD/USD regains traction and extends the previous day's bounce from the weekly low, aiming for 0.7000 in Asia on Friday. The overnight pullback in US bond yields keeps the US Dollar below an 18-month high, which in turn offers some support to the pair. Meanwhile, hawkish RBA expectations also keep the major underpinned.

USD/JPY holds gains near 158.00 after Japan's weak Household Spending data

USD/JPY clings to gains around 158.00 after data showed on Friday that Japan's Household Spending fell for the ninth straight month, undermining the Japanese Yen. Meanwhile, the US Dollar remains depressed as the overnight fall in US bond yields counters a hawkish Fed and geopolitical uncertainties, could cap any downside in the pair.

Gold remains range-bound below $4,200

Gold has given up some ground after an initial bullish attempt to reach weekly highs, returning to below the $4,200 mark per troy ounce on Friday. The US Dollar’s strong upside momentum, combined with rising US Treasury yields across the curve, seems to keep further gains in the yellow metal under scrutiny.

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin (BTC) on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?

The Euro is not the sick man of Europe. France's bond market is

EUR/USD remains under pressure, near the 17-month low of 1.1161 reached on Monday. The pair has lost more than 7% since its yearly peak, as concerns over France's public finances increasingly weigh on the single currency. But behind the weakness of the Euro (EUR), the problem does not necessarily lie with the European economy as a whole.