Palladium Price Analysis: XPD/USD stays above 100-DMA amid most bullish MACD since early May


  • Palladium edges higher around two-week top, rejects Tuesday’s pullback moves.
  • Sustained trading beyond the key DMA, upbeat MACD favor bulls.
  • Sellers have a bumpy road to return beyond monthly low.

Palladium (XPD/USD) buyers keep the controls around $2,695, up 0.34% intraday, ahead of Wednesday’s European session.

The precious metal stepped back the previous day before bouncing off 100-day SMA (DMA). Given the strongest bullish signal by the MACD backing the recovery moves, the upside potential can’t be undermined.

Hence, the commodity prices remain directed to the previous month’s low near $2,726 while the $2,700 threshold seems to challenge the immediate advances.

It should, however, be noted that a downward sloping trend line from early May, near $2,745, will be a tough nut to crack for the XPD/USD bulls.

Alternatively, pullback moves need to offer a daily closing below 100-DMA level of $2,669 before directing sellers to 50% and 61.8% Fibonacci retracements of March-May upside, respectively around $2,647 and $2,540.

Though, the palladium bears will remain unconvinced before witnessing a sustained downside below the monthly bottom surrounding $2,461.

Palladium: Daily chart

Trend: Bullish

Additional important levels

Overview
Today last price 2694.38
Today Daily Change 9.10
Today Daily Change % 0.34%
Today daily open 2685.28
 
Trends
Daily SMA20 2713.4
Daily SMA50 2815.75
Daily SMA100 2665.98
Daily SMA200 2504.88
 
Levels
Previous Daily High 2700.38
Previous Daily Low 2666.24
Previous Weekly High 2662.78
Previous Weekly Low 2474.75
Previous Monthly High 3018.8
Previous Monthly Low 2726.52
Daily Fibonacci 38.2% 2679.28
Daily Fibonacci 61.8% 2687.34
Daily Pivot Point S1 2667.55
Daily Pivot Point S2 2649.83
Daily Pivot Point S3 2633.41
Daily Pivot Point R1 2701.69
Daily Pivot Point R2 2718.11
Daily Pivot Point R3 2735.83

 

 

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD struggles to rebound, holds near 1.1150 after US data

EUR/USD trades around 1.1150 in the early American session on Friday as investors assess the latest inflation data from the US. According to the US Bureau of Economic Analysis, Core PCE Price Index rose to 4.9% on a yearly basis in December from 4.7% in November, surpassing the market expectation of 4.8%. 

EUR/USD News

GBP/USD clings to small gains above 1.3400 on mixed US data

GBP/USD posts modest daily gains slightly above 1.3400 on Friday as the dollar rally loses steam. The data from the US showed that the core PCE inflation edged higher to 4.9% in December. On a negative note, Personal Spending contracted by 0.6% on a monthly basis.

GBP/USD News

Gold recovers modestly after US data, stays below $1,800

Gold managed to stage a rebound from the multi-week low it set below $1,780 but continues to trade deep in the red near $1,790. The benchmark 10-year US Treasury bond yield is rising more than 1% on the day after US data, limiting XAU/USD's recovery.

Gold News

Bitcoin Weekly Forecast: Federal Reserve cannot tame BTC’s uptrend

Bitcoin has experienced some significant losses over the past few weeks, with a more dramatic drop occurring this week after the Fed's decision was announced. As losses have extended and BTC has entered into the $30,000 zone, concerns regarding Bitcoin being in a bear market have increased.

Read more

Apple share price set to rise after another record quarter

With the Nasdaq closing at its lowest level in seven months yesterday, the Apple share price has also found itself on the end of the recent weakness in tech shares, down over 12% from its record highs in early January.

Read more

Forex MAJORS

Cryptocurrencies

Signatures