Palladium Price Analysis: XPD/USD fades bounce off 50-DMA around $2,850
- Palladium seesaws in a choppy range after bouncing off key DMA.
- Bullish MACD, sustained trading beyond important support keeps buyers hopeful.
- Ascending trend line from late January keeps buyers hopeful.
Palladium (XPD/USD) carries early Asian weakness around $2,851, down 0.22% intraday, ahead of Tuesday’s European session. In doing so, the commodity prices lack follow-through after bouncing off 50-DMA the previous day.
Even so, bullish MACD and sustained trading beyond crucial moving average favor XPD/USD bulls until the quote stay beyond $2,794 DMA support.
Following that, May’s low around $2,725 and late March tops near $2,685 could test the bears before directing them to an ascending support line from late January, surrounding $2550.
Alternatively, a daily closing beyond June’s high around $2,875 will aim for the $2,900 round figure and May 18 swing high close to $2,945.
However, sustained trading beyond $2,945 will help palladium bulls to aim for the $3,000 threshold before aiming for May’s top, also the record high, around $3,820.
Palladium: Daily chart
Trend: Bullish
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.
