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.

Anil Panchal FXStreet

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

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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