Palladium Price Analysis: XPD/USD stays on the way to key hurdle below $2,900

Palladium prints three-day uptrend, bulls target three-week-old resistance line.
Receding bearish MACD, rebound from $2,726 favor buyers.

Anil Panchal FXStreet

Palladium (XPD/USD) prices remain firm around $2,840, up 0.41% intraday, as traders in Brussels prepare for Monday’s bell.

The precious metal crossed 10-day SMA for the first time since May 05 on Friday and is keeping the breakout, backed by receding bearish bias of MACD, by the press time.

Also favoring the XPD/USD could be the metal’s successful rebound from a ten-week-old broad horizontal support.

However, a clear upside break of a short-term resistance line around $2,857 becomes necessary for the commodity buyers to aim for the $3,000 psychological magnet, not to forget the monthly peak surrounding $3,020.

During the run-up, the previous swing top close to $2,946 may act as an extra filter to the north.

Meanwhile, a downside break of a 10-day SMA level of $2,814 can again drag the quote towards the $2,726-2,696 support zone.

In a case where Palladium bears keep the reins past $2,696, a late March low near $2,520 should return to the charts.

Palladium daily chart

Trend: Bullish

Additional important levels

Overview
Today last price	2838.76
Today Daily Change	10.72
Today Daily Change %	0.38%
Today daily open	2828.04

Trends
Daily SMA20	2877.51
Daily SMA50	2789.35
Daily SMA100	2581.1
Daily SMA200	2454.91

Levels
Previous Daily High	2840.2
Previous Daily Low	2782.17
Previous Weekly High	2842.86
Previous Weekly Low	2726.52
Previous Monthly High	3011.62
Previous Monthly Low	2586.05
Daily Fibonacci 38.2%	2818.03
Daily Fibonacci 61.8%	2804.34
Daily Pivot Point S1	2793.41
Daily Pivot Point S2	2758.77
Daily Pivot Point S3	2735.38
Daily Pivot Point R1	2851.44
Daily Pivot Point R2	2874.83
Daily Pivot Point R3	2909.47

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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