• Palladium edges higher in the early European session on Friday.
  • Bulls hold the key support area near $2,620, making it a crucial level to trade.
  • Momentum oscillator remained in oversold zone with a neutral stance.

Palladium (XPD/USD) edges higher on Friday, following the previous session’s momentum. The metal hovers in a very narrow trade band with an underlying bullish sentiment.

At the time of writing, XPD/USD is trading at, $2,620, up 0.04% for the day.

Palladium daily chart

On the daily chart, after a steep decline from the high of $2,841 on June 16, XPD/USD made a low of $2,461.72 in a span of two days.

The metal took a sharp recovery to the high of $2,882 on July 6, only to retrace lower while forming a broader symmetrical triangle.

Being said, prices consolidate near the descending trendline of the triangle, which indicates struggle near the higher level.

Being said that, a break of the bearish sloping line would push price toward the 20-day Simple Moving Average (SMA) at $2,636.84.

Next, the bulls will attempt to recapture the $2,650 horizontal resistance level followed by the high of August 3 at $2,683.29.

Alternatively, if price moves lower, it could retrace back to the $2,600 horizontal support level.

Any downtick in the Moving Average Convergence Divergence (MACD) would amplify the selling pressure toward the low of August 10 at $2,588.

The next area of support would be the $2,575 horizontal support level, which coincides with the ascending trendline of the mentioned pattern above.

Palladium additional levels

Palladium

Overview
Today last price 2619.89
Today Daily Change 1.03
Today Daily Change % 0.04
Today daily open 2618.85
 
Trends
Daily SMA20 2640.42
Daily SMA50 2684.48
Daily SMA100 2755.64
Daily SMA200 2571.69
 
Levels
Previous Daily High 2633.04
Previous Daily Low 2614.25
Previous Weekly High 2684.23
Previous Weekly Low 2616.23
Previous Monthly High 2882.78
Previous Monthly Low 2571.07
Daily Fibonacci 38.2% 2621.43
Daily Fibonacci 61.8% 2625.86
Daily Pivot Point S1 2611.05
Daily Pivot Point S2 2603.26
Daily Pivot Point S3 2592.26
Daily Pivot Point R1 2629.84
Daily Pivot Point R2 2640.84
Daily Pivot Point R3 2648.63

 


 

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