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
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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
Author
Rekha Chauhan
Independent Analyst
Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.
