Palladium Price Analysis: XPD/USD looks set for more gains above $2,600


  • Palladium prices extend previous day’s bounce off one-month low.
  • Sustained U-turn from 200-day EMA, 50% Fibonacci retracement breakout favor bulls.
  • Key Fibonacci retracement levels, June low also challenge bulls.

Palladium (XPD/USD) stays bid around $2,615, up 0.32% intraday, as European traders brace for Wednesday’s bell.

The precious metal bounced off 200-day EMA the previous day to snap a five-day downtrend. The following recovery moves cross 50% Fibonacci retracement of January-May upside to keep the buyers hopeful.

That said, the current up-moves aim for 38.2% Fibonacci retracement surrounding the $2,700 threshold. Though, May’s low near $2,730 and March’s top near $2,760 could challenge the XPD/USD bulls afterward.

Meanwhile, a daily closing below the 200-day EMA level of $2,565 will recall Palladium sellers targeting 61.8% Fibonacci retracement and June’s bottom, respectively around $2,508 and $2,460.

Also acting as the downside filter is the early January tops near $2,530.

Palladium: Daily chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 2615.42
Today Daily Change 8.63
Today Daily Change % 0.33%
Today daily open 2606.79
 
Trends
Daily SMA20 2742.4
Daily SMA50 2767.47
Daily SMA100 2724.97
Daily SMA200 2539.58
 
Levels
Previous Daily High 2617.25
Previous Daily Low 2573.82
Previous Weekly High 2867.88
Previous Weekly Low 2665.15
Previous Monthly High 2872.28
Previous Monthly Low 2461.72
Daily Fibonacci 38.2% 2600.66
Daily Fibonacci 61.8% 2590.41
Daily Pivot Point S1 2581.32
Daily Pivot Point S2 2555.86
Daily Pivot Point S3 2537.89
Daily Pivot Point R1 2624.75
Daily Pivot Point R2 2642.72
Daily Pivot Point R3 2668.18

 

 

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