Palladium Price Analysis: XPD/USD remains depressed below $2,400


  • Palladium edges higher in the early European session on Friday on pullback correction.
  • Bulls remain vulnerable near the $2,400 level.
  • Momentum oscillator remained in oversold zone with a neutral stance.

Palladium (XPD/USD) edges higher  on Friday, bucking the previous session’s momentum. The metal prices opened higher but not able to sustain the momentum.

At the time of writing, XPD/USD is trading at $2,392, up 0.65% for the day.

Palladium daily chart

On the daily chart, after consolidating in a broader trading range of $2,680 and $2,580, XPD/USD fell sharply to test the low of $2,260, after breaking the range on August 17.

The metal took a sharp recovery to the high of $2,457.90 on August 24. However prices started retreating below but held near $2,400.

Being said, prices could move back to the previous day’s high at $2,480.

Next, the bulls will attempt to retest the $2,580 horizontal resistance level followed by the high of August 16 at $2,637.

Alternatively, if price moves lower, it could retrace back to the $2,350 horizontal support level.

Any downtick in the Moving Average Convergence Divergence (MACD) would amplify the selling pressure toward the $2,300 key psychological levell.

The next area of support would be the low of March 10 at $2,289.

Palladium additional levels

Palladium

Overview
Today last price 2392.64
Today Daily Change 11.22
Today Daily Change % 0.47
Today daily open 2381.42
 
Trends
Daily SMA20 2511.45
Daily SMA50 2632.97
Daily SMA100 2725.13
Daily SMA200 2577.49
 
Levels
Previous Daily High 2438
Previous Daily Low 2366.5
Previous Weekly High 2637.74
Previous Weekly Low 2262.27
Previous Monthly High 2882.78
Previous Monthly Low 2571.07
Daily Fibonacci 38.2% 2393.81
Daily Fibonacci 61.8% 2410.69
Daily Pivot Point S1 2352.61
Daily Pivot Point S2 2323.81
Daily Pivot Point S3 2281.11
Daily Pivot Point R1 2424.11
Daily Pivot Point R2 2466.81
Daily Pivot Point R3 2495.61

 

 

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