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

 

 

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