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Palladium Price Analysis: XPD/USD sellers need $2780 breakdown to retake controls

  • Palladium pares weekly gains but bears need validation.
  • Monthly support line, 50-SMA challenges sellers cheering fortnight-old support break, bearish MACD.

Palladium (XPD/USD) prices trim intraday losses, down 0.30% around $2,799, ahead of Friday’s European session. The precious metal broke a two-week-old support line the previous day but 50-SMA and monthly rising trend line test the sellers of late.

Given the bearish MACD, palladium prices can conquer the immediate SMA support around $2,785, as well as the $2,780 trend line support.

However, the following downside should refresh the monthly low, currently around $2,750, to direct XPD/USD bears towards the late June tops surrounding $2,700.

Meanwhile, corrective bounce needs to regain above the previous support line, near $2,820, before targeting the $2,845 resistance.

It should, however, be noted that the palladium bulls will remain cautious until witnessing a clear upside break of $2,875 hurdle, comprising tops marked since early June.

Overall, XPD/USD consolidates its recent upward trajectory but bears are yet not invited.

Palladium: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price2798.06
Today Daily Change-9.27
Today Daily Change %-0.33%
Today daily open2807.33
 
Trends
Daily SMA202706.71
Daily SMA502801.55
Daily SMA1002695.87
Daily SMA2002524.09
 
Levels
Previous Daily High2865
Previous Daily Low2781.92
Previous Weekly High2811.94
Previous Weekly Low2631.13
Previous Monthly High2872.28
Previous Monthly Low2461.72
Daily Fibonacci 38.2%2813.66
Daily Fibonacci 61.8%2833.26
Daily Pivot Point S12771.17
Daily Pivot Point S22735
Daily Pivot Point S32688.09
Daily Pivot Point R12854.25
Daily Pivot Point R22901.16
Daily Pivot Point R32937.33

Author

Anil Panchal

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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