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Palladium Price Analysis: XPD/USD stays mildly offered below $2,805 key hurdle

  • Palladium stays mildly offered inside a choppy range below $2,800.
  • Three-week-old rising trend line, 50-DMA breakdown backs sellers.
  • Bulls need to cross June’s top before retaking controls.

Palladium (XPD/USD) prices struggle to overcome the previous day’s downside break of the key support, now resistance, around $2,793, down 0.10%, ahead of Wednesday’s European session.

The bright metal jumped to the highest since late May the previous day before dropping back below the convergence of an ascending trend line from June 18 and 50-DMA.

The bearish impulsive remains intact so far during today and keeps sellers hopeful even as MACD flashes bullish signals.

That said, the 38.2% Fibonacci retracement of March-May upside, near $,2735, acts as short-term key support for the commodity before highlighting the $2,700 threshold for the sellers.

However, any further weakness will be challenged by multiple tops marked during late March and early April around $2,685.

On the flip side, the last month’s high surrounding $2,872 will probe the metal’s daily closing beyond $2,805 confluence but the bulls won’t be in controls unless refreshing the multi-day top of $2,882.

Should the palladium prices rally beyond $2,882, the $2,900 round figure and the May 18 top near $2,945 will be crucial to observe.

Palladium: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price2791.63
Today Daily Change-3.87
Today Daily Change %-0.14%
Today daily open2795.5
 
Trends
Daily SMA202701.4
Daily SMA502806.19
Daily SMA1002686.61
Daily SMA2002518.71
 
Levels
Previous Daily High2882.78
Previous Daily Low2769.1
Previous Weekly High2811.94
Previous Weekly Low2631.13
Previous Monthly High2872.28
Previous Monthly Low2461.72
Daily Fibonacci 38.2%2812.53
Daily Fibonacci 61.8%2839.35
Daily Pivot Point S12748.81
Daily Pivot Point S22702.11
Daily Pivot Point S32635.13
Daily Pivot Point R12862.49
Daily Pivot Point R22929.47
Daily Pivot Point R32976.17

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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