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- Palladium Price Analysis: XPD/USD retreat eyes 200-SMA
Palladium Price Analysis: XPD/USD retreat eyes 200-SMA
- Palladium refreshes intraday low, fades early-week bounce from the key SMAs.
- RSI retreat, downside break of 50-SMA favor sellers.
Palladium (XPD/USD) takes offers to refresh intraday low around $1,850, down 0.76% on a day ahead of Wednesday’s European session.
In doing so, precious metal justifies the failure to cross a one-week-old horizontal resistance, as well as a clear downside below 50-SMA.
Given the RSI retreat adds to the bearish bias, the XPD/USD prices are likely to revisit the key SMAs it bounced from during the early weekdays.
That said, the 100-SMA level of $1,830 acts as immediate support ahead of the 200-SMA surrounding $1,820.
Should palladium bears keep reins past $1,820, the $1,800 threshold and 61.8% Fibonacci retracement of late December upside, close to $1,721, will be in focus.
Meanwhile, corrective pullback remains elusive below the 50-SMA level of $1,926 while the weekly horizontal line near $1,885 and the $1,900 round figure may test the short-term buyers of the commodity.
In a case where XPD/USD remains firmer past $1,925, the odds of its run-up towards the December 2021 peak of $1,998 can’t be ruled out.
Palladium: Four-hour chart
Trend: Further weakness expected
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