Palladium Price Analysis: XPD/USD sellers brace for Jerome Powell around $2,750

Palladium fades bounce off weekly bottom, remains subdued of late.
Risk appetite dwindles amid China headlines, ahead of the FOMC.
Fed expected to keep monetary policy unchanged, dot-plot, Powell’s speech eyed.

Anil Panchal FXStreet

Palladium (XPD/USD) remains sidelined, around $2,762, following the early Asian session drop from $2,772.25 on Wednesday. In doing so, the precious metal reverses the previous day’s recovery moves from a weekly low while printing 0.13% intraday loss by the press time of the pre-European session.

The commodity prices recently eased on the alleged order from China to limit overseas commodity exposure.

Earlier in the day, the market’s cautious sentiment ahead of the US Federal Open Market Committee (FOMC) meeting joined fears of escalating Sino-American tussles weighed on the Palladium prices. However, fears of Fed’s surprises and a lack of major catalysts elsewhere keep the quote’s downside limited.

China’s Industrial Production and Retail Sales for May can offer immediate direction to the bright metal. Industrial Production is expected to ease from 9.8% to 9.0% YoY whereas Retail Sales growth could drop to 13.6% versus 17.7% previous readouts.

Although downbeat forecasts for China may keep sellers hopeful, Palladium traders should pay attention to today’s Fed dot-plot and Chairman Jerome Powell’s speech for clearer direction. While the Fed isn’t expected to alter the current monetary policy, hints of tapering and/or more FOMC members’ support for a rate hike in 2023 could strengthen the US dollar and weigh on the Palladium prices.

Read: Fed Interest Rate Decision Preview: Chair Powell will determine market response

Technical analysis

Palladium prices hold lower ground following a downside break of an ascending support line from March 29. However, a two-month-old horizontal area surrounding $2,727-26 becomes the key for short-term traders. Meanwhile, corrective pullback beyond the previous support, around $2,803 needs to cross the five-week-long resistance line near $2,810 to confirm recovery moves.

Additional important levels

Overview
Today last price	2761.46
Today Daily Change	-4.38
Today Daily Change %	-0.16%
Today daily open	2765.84

Trends
Daily SMA20	2807.8
Daily SMA50	2832.55
Daily SMA100	2633.61
Daily SMA200	2490.41

Levels
Previous Daily High	2768.03
Previous Daily Low	2741.74
Previous Weekly High	2847.05
Previous Weekly Low	2737.62
Previous Monthly High	3018.8
Previous Monthly Low	2726.52
Daily Fibonacci 38.2%	2757.99
Daily Fibonacci 61.8%	2751.78
Daily Pivot Point S1	2749.04
Daily Pivot Point S2	2732.25
Daily Pivot Point S3	2722.75
Daily Pivot Point R1	2775.33
Daily Pivot Point R2	2784.83
Daily Pivot Point R3	2801.62

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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