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- Palladium Price Analysis: XPD/USD eyes further losses towards 200-DMA
Palladium Price Analysis: XPD/USD eyes further losses towards 200-DMA
- Palladium drops for the fifth consecutive day, fades bounce off 200-DMA.
- Pullback from nine-month-old resistance line, bearish MACD signals favor sellers.
Palladium (XPD/USD) remains on the back foot around $2,235, down 0.70% intraday during the five-day south-run.
In doing so, the precious metal fades Monday’s bounce off 200-DMA while refreshing intraday low heading into European session on Wednesday.
As the bearish MACD signals and the metal’s failure to stay beyond a downward sloping trend line from May joins failures to rebound from the key moving average, XPD/USD bears are likely to keep the reins.
That said, the 200-DMA level of $2,186 offers short-term key support ahead of directing the sellers toward a three-week-old support line, near $2,069.
However, the $2,000 psychological magnet and the 100-DMA level surrounding $1,975 will question the quote’s weakness below the stated trend line.
Meanwhile, recovery moves may initially battle the aforementioned resistance line from May, near $2,335, a break of which will direct palladium buyers to January’s peak of $2,415.
Following that, the 61.8% Fibonacci retracement of the May-December 2021 downturn, near $2,460, will be in focus.
Palladium: Daily chart
Trend: Further weakness expected
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