Palladium Price Analysis: XPD/USD eyes further losses below $3,000 on triangle break


  • Palladium remains pressured around intraday low after dropping the most in nine months.
  • MACD signals join bearish breakout of triangle to keep sellers hopeful.
  • Bulls need clear break above $3,210 to retake controls.

Palladium (XPD/USD) bears keep reins around $2,970, down 0.17% intraday heading into Thursday’s European session.

That said, precious metal dropped the most since June 2021 the previous day while breaking a weekly symmetrical triangle.

The triangle breakdown joins bearish MACD signals to hint at the XPD/USD pair’s further downside.

Hence, palladium sellers eye a 50-SMA level of $2,843 as immediate support ahead of targeting the 610.8% Fibonacci retracement of February-March upside, near $2,747.

On the contrary, the $3,000 threshold will initially challenge the XPD/USD rebound before highlighting the triangle’s support line of $3,055.

Following that, the stated triangle’s upper line and Wednesday’s swing top, respectively around $3,101 and $3,210, will act as the last defenses for the palladium bears.

Palladium: Four-hour chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 2963.87
Today Daily Change -10.03
Today Daily Change % -0.34%
Today daily open 2973.9
 
Trends
Daily SMA20 2570.54
Daily SMA50 2331.07
Daily SMA100 2097.64
Daily SMA200 2162.22
 
Levels
Previous Daily High 3209.2
Previous Daily Low 2944.34
Previous Weekly High 2983.17
Previous Weekly Low 2393.38
Previous Monthly High 2706.5
Previous Monthly Low 2193.25
Daily Fibonacci 38.2% 3045.52
Daily Fibonacci 61.8% 3108.02
Daily Pivot Point S1 2875.76
Daily Pivot Point S2 2777.62
Daily Pivot Point S3 2610.9
Daily Pivot Point R1 3140.62
Daily Pivot Point R2 3307.34
Daily Pivot Point R3 3405.48

 

 

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