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- Palladium Price Analysis: XPD/USD bulls can ignore pullback from monthly high
Palladium Price Analysis: XPD/USD bulls can ignore pullback from monthly high
- XPD/USD reverses from two-week high, grinds lower around intraday low.
- Sustained break of two-month-old trend line, 21-day EMA favor bulls.
- 50-day EMA challenges short-term advances, one-month-old rising trend line adds to the downside filters.
Palladium (XPD/USD) retreats from a fortnight high, down 0.51% intraday around $2,035 heading into Tuesday’s European session.
In doing so, the bullion fails to justify the previous day’s upbeat break of a two-month-old resistance line, now support around $2,015.
Even so, a steady Momentum line and 21-day EMA challenges the XPD/USD bears’ return of around $2,015 support convergence.
Also acting as the downside filter is the $2,000 threshold and an ascending support line from October 06, close to $1,995.
On the contrary, the 50-day EMA level around $2,067-68 precedes the last month’s peak of $2,178 to challenge short-term Palladium buyers.
In a case where the commodity bulls keep reins past $2,178, late August month’s swing low near $2,265 will be in focus.
Palladium: Daily chart
Trend: Further upside expected
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