- 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
|Today last price||2619.89|
|Today Daily Change||1.03|
|Today Daily Change %||0.04|
|Today daily open||2618.85|
|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|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.