After bouncing off crucial DMA, palladium seesaws in a rough range.
Buyers are optimistic due to a bullish MACD and persistent trading above key support levels.
The upward trend line that began in late January gives buyers hope.
Palladium (XPD/USD) is trading at $2,851, down 0.22 percent intraday, ahead of the European day on Tuesday. As a result, commodity prices have failed to follow through after bouncing off the 50-day moving average the day before.
XPD/USD bulls will benefit from a bullish MACD and persistent trading above a key moving average as long as the price remains above the $2,794 DMA support.
Following that, the bears may be tested by May’s low at $2,725 and late March tops near $2,685, before being directed to an ascending support line from late January, about $2550.
Alternatively, a daily close above June’s high of $2,875 will target the $2,900 round figure and the $2,945 swing high of May 18.
However, continued trade above $2,945 will aid palladium bulls in their pursuit of the $3,000 mark before aiming for the record high of $3,820 set in May.
Bullish trend/n
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