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
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.
