- XPD/USD attempts a bounce amid stabilizing risk sentiment.
- Oversold conditions on the 4H chart pause the sell-off in Palladium price.
- Impending bear cross could threaten the upside attempts.
Palladium (XPD/USD) is seeing some fresh signs of life this Tuesday, snapping its five-day losing streak, as the risk sentiment holds steadier on the session.
The industrial metal got sold-off into the global rout after concerns over the economic recovery mounted amid spiking Delta covid cases globally.
The risk-off mood bolstered the safe-haven demand for the US dollar, which exacerbated the pain in the USD-denominated Palladium price.
Price of Palladium
From a short-term technical perspective, XPD/USD is licking its wounds, moving slightly away from monthly lows of $2,571, as it battles the $2,600 barrier.
The upturn in the price of Palladium comes on the back of oversold conditions seen in the Relative Strength Index (RSI) on the four-hour chart.
The leading indicator is languishing below 30.00, currently at 14.72, suggesting that a further pullback in price is inevitable.
On its road to recovery, Palladium price is likely to meet strong resistance at the $2,650 psychological level.
The downward-sloping 21-Simple Moving Average (SMA) at $2,695 will then challenge the bullish interests.
Palladium price chart: Daily
However, the bulls could face a hard time sustaining the recovery, as a bear cross looms on the said time frame, with the 50-SMA gearing up to cut the 100-SMA from above.
If the selling pressure re-ignites, a drop back towards the monthly lows cannot be ruled out.
Further south, the bears will then target the $2,550 support area.
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.
Recommended content
Editors’ Picks
AUD/USD posts gain, yet dive below 0.6500 amid Aussie CPI, ahead of US GDP
The Aussie Dollar finished Wednesday’s session with decent gains of 0.15% against the US Dollar, yet it retreated from weekly highs of 0.6529, which it hit after a hotter-than-expected inflation report. As the Asian session begins, the AUD/USD trades around 0.6495.
USD/JPY finds its highest bids since 1990, approaches 156.00
USD/JPY broke into its highest chart territory since June of 1990 on Wednesday, peaking near 155.40 for the first time in 34 years as the Japanese Yen continues to tumble across the broad FX market.
Gold stays firm amid higher US yields as traders await US GDP data
Gold recovers from recent losses, buoyed by market interest despite a stronger US Dollar and higher US Treasury yields. De-escalation of Middle East tensions contributed to increased market stability, denting the appetite for Gold buying.
Ethereum suffers slight pullback, Hong Kong spot ETH ETFs to begin trading on April 30
Ethereum suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Dow Jones Industrial Average hesitates on Wednesday as markets wait for key US data
The DJIA stumbled on Wednesday, falling from recent highs near 38,550.00 as investors ease off of Tuesday’s risk appetite. The index recovered as US data continues to vex financial markets that remain overwhelmingly focused on rate cuts from the US Fed.