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
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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
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.
