- 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
-637656384698817175.png)
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
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
AUD/USD: Outlook remains negative
AUD/USD succumbed to further selling pressure and breached the key support at 0.6400 the figure as market participants adjusted to the dovish message at the RBA’s meeting on Tuesday.
EUR/USD retests 1.0500 ahead of US CPI inflation, ECB rate call in the barrel
EUR/USD shed close to 0.2% on Tuesday, chalking in a third straight declining trading day and testing down into the 1.0500 handle as the Euro’s near-term bullish recovery fizzles out.
Gold on its way to challenge record highs
The upside momentum in Gold prices gathers extra steam on Tuesday, sending the metal to new two-week tops in levels just shy of the key $2,700 mark per troy ounce.
Could Google's supercomputer crack Bitcoin? Crypto community maintains positive outlook
Bitcoin faced mixed sentiments on Tuesday after crypto community members spoke on the potential of Google's new quantum chip Willow's ability to crack blockchain networks and render the security of public key cryptography useless.
How the US-China trade dispute is redefining global trade
Since Donald Trump took office in 2017, trade flows and market shares have changed substantially. We think that shift is set to continue under looming tariffs and a new protectionist environment.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.