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Palladium Price Analysis: XPD/USD recovery hinges over 50-DMA breakout

  • Palladium snaps three-day downtrend, keeps bounce off two-month-old horizontal support.
  • Receding bullish bias of MACD signals another attempt to visit 100-DMA.
  • Buyers may aim for monthly top beyond 50-DMA.

Palladium (XPD/USD) consolidates weekly losses around intraday high, up 0.24% on a day close to $2,762, as European traders brace for Friday’s bell.

In doing so, the precious metal rises for the first time in four days following its U-turn from a horizontal line stretched from late May. However, MACD conditions suggest that the buyers doubt the recovery moves and await a clear break of the 50-DMA hurdle, near $2,783.

Following that, the $2,800 round-figure and the monthly high close to $2,883 will be in focus before directing the palladium bulls to the $3,000 psychological magnet and the all-time high, flashed last month, surrounding $3,020.

On the flip side, a daily closing below the stated immediate support of $2,737 will be tested by the 100-DMA level of $2,721. Also acting as the downside filter is the $2,700 threshold.

To sum up, XPD/USD remains on the pullback mode despite the latest bounce.

Palladium: Daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price2762.02
Today Daily Change6.51
Today Daily Change %0.24%
Today daily open2755.51
 
Trends
Daily SMA202730.13
Daily SMA502786.55
Daily SMA1002716.73
Daily SMA2002536.12
 
Levels
Previous Daily High2816.2
Previous Daily Low2737.26
Previous Weekly High2882.78
Previous Weekly Low2769.1
Previous Monthly High2872.28
Previous Monthly Low2461.72
Daily Fibonacci 38.2%2767.42
Daily Fibonacci 61.8%2786.04
Daily Pivot Point S12723.11
Daily Pivot Point S22690.72
Daily Pivot Point S32644.17
Daily Pivot Point R12802.05
Daily Pivot Point R22848.6
Daily Pivot Point R32880.99

Author

Anil Panchal

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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