Palladium Price Analysis: XPD/USD to have a clear way to the 3487/3598 zone above 3053 – Commerzbank

FXStreet Insights Team FXStreet

Palladium (XPD/USD) has reached its target zone. Karen Jones, Team Head FICC Technical Analysis Research, has a number of targets in the 3028/3053 band and if the metals fails here, a retracement to the 20-day moving average at 2834 would be feasible.

TD resistance is not encountered until 3487.58

“Palladium reached new all-time highs at 3020. It is now in our target zone. We have no fewer than 3 point and figure targets in the 3038-3053 target zone. Failure here will shift attention back to the 20-day ma at 2834 which guards the 2758 mid-March high. Below here lies 2524/2491.10 February high.”

“Only an unexpected slip below the 2491.10 February high would make us re-evaluate our longer-term bullish view and may lead to further sideways trading around the 2278.99 March low and above the September-to-January lows at 2202.99/2184.67.”

“Above 3053, we have very little until the 3487/3598 band.”

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD flies to two-week highs, targets 1.3400

GBP/USD trades well above the 1.3300 barrier on Thursday as the Greenback comes under renewed selling pressure following a softer-than-expected US NFP report in June. Meanwhile, Cable extends its multi-day recovery and looks to challenge 1.3400 sooner rather than later.

EUR/USD climbs to multi-day highs near 1.1440

EUR/USD advances to the 1.1470 area, or multi-day peaks, on Thursday. The pair’s marked recovery comes in response to the broad US Dollar pullback, as investors continue to assess the latest NFP data and the persistent sell-off in USD/JPY.

Gold hits six-day tops past $4,100

Gold extends its bullish momentum on Thursday, climbing above the $4,100 mark per troy ounce to reach its highest level in a week. The precious metal’s sharp rebound comes as the US Dollar retreats following disappointing US NFP data.

Crypto Today: Bitcoin, Ethereum, XRP steady rebound as US and Iran conclude positive talks in Doha

The cryptocurrency market broadly rises on Thursday, reflecting improvement in risk sentiment following an extended period of selling pressure. Bitcoin is back above $60,000 after testing support at $58,000 earlier in the week.

The market may no longer be giving the Magnificent Seven a free pass

For much of the past three years, investing has felt surprisingly simple. Whenever markets stumbled, investors knew where to look. Apple, Microsoft, Nvidia, Amazon, Alphabet, Meta and Tesla repeatedly led Wall Street higher, shrugging off inflation fears, higher interest rates and geopolitical shocks.

Kevin Warsh offers no policy clues: Why markets still got their answer

Financial markets came to Sintra looking for clues about the Federal Reserve's (Fed) next move. They largely left with confirmation that Fed Chair Kevin Warsh intends to make those clues much harder to find.