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.

Anil Panchal FXStreet

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

Additional important levels

Overview
Today last price	2851.63
Today Daily Change	-6.36
Today Daily Change %	-0.22%
Today daily open	2857.99

Trends
Daily SMA20	2713.71
Daily SMA50	2796.78
Daily SMA100	2704.79
Daily SMA200	2529.27

Levels
Previous Daily High	2867.88
Previous Daily Low	2793.76
Previous Weekly High	2882.78
Previous Weekly Low	2769.1
Previous Monthly High	2872.28
Previous Monthly Low	2461.72
Daily Fibonacci 38.2%	2839.57
Daily Fibonacci 61.8%	2822.07
Daily Pivot Point S1	2811.87
Daily Pivot Point S2	2765.76
Daily Pivot Point S3	2737.75
Daily Pivot Point R1	2885.99
Daily Pivot Point R2	2914
Daily Pivot Point R3	2960.11

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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