Palladium Price Analysis: XPD/USD looks for a breakout of the symmetrical triangle


  • Palladium edges lower in the early European session on Tuesday.
  • Prices consolidate for the past 2-3 sessions in a very narrow trade band.
  • Momentum oscillator remained in the oversold zone.

Palladium (XPD/USD) edges lower on Tuesday, following the previous session’s consolidative movement. The metal prices hover in a very narrow trade band with a bearish sentiment.

At the time of writing, XPD/USD is trading at $2,399, up 0.28% for the day.

Palladium daily chart

On the daily chart, the metal is on the verge of a symmetrical triangle breakout of near $2,400. Bears already make dominance below 20-day Simple Moving Average (SMA) at $2,404.

The technical set-up suggests an upcoming downside movement for Palladium.

Being said, prices could move back to the $2,365 horizontal support level.

Next, the bears will attempt to retest the $2,330 horizontal support level followed by the psychological $2,300 level.

Alternatively, if price breakout above the ascending trendline of the triangle, it could test the high of September 1 at $2,446.72.

Any uptick in the Moving Average Convergence Divergence (MACD) would amplify the buying pressure toward the $2,470 horizontal resistance level.

The next upside target for the bulls would be the psychologically level around $2,500.

Palladium additional levels

Palladium

Overview
Today last price 2399.35
Today Daily Change -6.19
Today Daily Change % -0.26
Today daily open 2405.54
 
Trends
Daily SMA20 2415.92
Daily SMA50 2564.49
Daily SMA100 2681.81
Daily SMA200 2579.87
 
Levels
Previous Daily High 2415.48
Previous Daily Low 2393.29
Previous Weekly High 2446.72
Previous Weekly Low 2390.09
Previous Monthly High 2684.23
Previous Monthly Low 2260.56
Daily Fibonacci 38.2% 2401.77
Daily Fibonacci 61.8% 2407
Daily Pivot Point S1 2394.06
Daily Pivot Point S2 2382.58
Daily Pivot Point S3 2371.87
Daily Pivot Point R1 2416.25
Daily Pivot Point R2 2426.96
Daily Pivot Point R3 2438.44

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD retreats below 1.1300 area as NFP-inspired dollar weakness fades

EUR/USD jumped to a daily high of 1.1333 with the initial market reaction to the disappointing November Nonfarm Payrolls data but quickly returned below 1.1300. Rising US Treasury bond yields seem to be helping the dollar stay resilient against its major rivals. 

EUR/USD News

GBP/USDdrops to 1.3250 area as dollar regains strength

GBP/USD spiked above 1.3300 in the early American session with the initial market reaction to the gloomy US November jobs report. However, the greenback regathered strength on hawkish Fed commentary and forced the pair to turn south.

GBP/USD News

Gold struggles to capitalize on weak NFP data, holds near $1,770

Gold spiked to a daily high near $1,780 with the initial market reaction to the disappointing Nonfarm Payrolls data from the US but seems to be having a difficult time preserving its bullish momentum with the 10-year US T-bond yield staying resilient.

Gold News

The bull and the bear case for BTC

Bitcoin price saw a bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. Bitcoin is likely to experience massive volatility as the situation resolves over time. 

Read more

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

Forex MAJORS

Cryptocurrencies

Signatures