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.

Rekha Chauhan Independent Analyst

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

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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