Palladium Price Analysis: XPD/USD retreats from two-month top but not out of the woods

Palladium bulls take a breather around the highest levels in nine weeks.
Sustained trading beyond 100-DMA, bullish MACD signals favor buyers.
Further upside eyes horizontal area from October, short-term sellers aim for December’s top.

Anil Panchal FXStreet

Palladium (XPD/USD) pauses a four-day uptrend around $2,135, down 0.30% intraday heading into Tuesday’s European session.

In doing so, the precious metal eases from a multi-day high, flashed the previous day, but stays on the bull’s radar.

Bullish bias over the metal remains intact despite the latest pullback as the quote stays beyond the 100-DMA level of $1,936, as well as December’s high near $1,998. Also supporting the trend are the bullish MACD signals.

That said, the latest weakness may aim for a 38.2% Fibonacci retracement level of the May-December 2021 downside, near $2,115.

On the contrary, further XPD/USD advances will be challenged by a three-month-long horizontal area of around $2,180.

During the quote’s run-up beyond $2,180, the 200-DMA and a descending trend line from May, respectively around $2,215 and $2,345, will be crucial to watch.

Palladium: Daily chart

Trend: Bullish

additional important levels

Overview
Today last price	2134.63
Today Daily Change	-6.25
Today Daily Change %	-0.29%
Today daily open	2140.88

Trends
Daily SMA20	1935.92
Daily SMA50	1864
Daily SMA100	1934.19
Daily SMA200	2217.9

Levels
Previous Daily High	2146.5
Previous Daily Low	2100.03
Previous Weekly High	2123.91
Previous Weekly Low	1868.1
Previous Monthly High	1997.88
Previous Monthly Low	1549.8
Daily Fibonacci 38.2%	2128.75
Daily Fibonacci 61.8%	2117.78
Daily Pivot Point S1	2111.77
Daily Pivot Point S2	2082.67
Daily Pivot Point S3	2065.3
Daily Pivot Point R1	2158.24
Daily Pivot Point R2	2175.61
Daily Pivot Point R3	2204.71

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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