Palladium Price Analysis: XPD/USD stays on the way to $2,725 hurdle
- Palladium prints four-day uptrend, edges higher of late.
- Bullish MACD, sustained trading beyond key Fibo. favor buyers.
- 200-SMA, 38.2% Fibonacci retracement confluence becomes a tough nut to crack for bulls.
Palladium (XPD/USD) remains firmer around $2,690, up for the fourth consecutive day near the weekly high, as European traders brace for Friday’s work.
The commodity keeps the mid-week rebound from the monthly bottom, also pierces the key Fibonacci retracement levels (Fibo.) of late-June to early July upside, backed by bullish MACD. The same favor the bulls to dominate going forward.
However, a convergence of 200-SMA and 38.2% Fibo. near $2,725 offers a strong challenge to the XPD/USD buyers, a break of which could swiftly recall the $2,770 and the $2,800 resistances to the chart.
On the contrary, 50% and 61.8% Fibonacci retracement levels, respectively around $2,670 and $2,620, may entertain short-term sellers before the monthly bottom, close to $2,605.
During the quote’s weakness past $2,605, the $2,600 threshold and late June’s swing low near $2,545 may stop the palladium bears ahead of bottoms marked in March and June, near $2,520 and $2,460 in that order.
Palladium: Four-hour chart
Trend: Further upside expected
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.
