Palladium Price Analysis: XPD/USD bulls remain hopeful whilst above 21-SMA

Palladium (XPD/USD) is making another run towards the $2,900 mark, having recaptured the $2,850 level after Thursday’s correction. Price of Palladium  |  23/04/2021 10:50
  • XPD/USD looks to retest an all-time-highs, as buyers return on Friday.
  • Palladium keeps its range within a rising wedge on the 4H chart.
  • Upside bias remains intact while the bulls hold above 21-SMA.

Palladium (XPD/USD) is making another run towards the $2,900 mark, having recaptured the $2,850 level after Thursday’s correction.

Price of Palladium

The XPD bulls found solid support at the upward-sloping 21-simple moving average (SMA) at $2,822 on the four-hour chart.

The Relative Strength Index (RSI) inches higher above the central line, suggesting that there is more scope to the upside.

Therefore, a test of the record highs of $2,897 remains on the cards. The $2,900 round number could offer immediate resistance.

 Further up, the rising wedge hurdle at $2,924 could challenge the bullish commitments.

Palladium price chart: Four-hour

The upside momentum could get negated if the price closes the four-hour candlestick below the 21-SMA support.

The next relevant support is seen at the wedge lower boundary, which is at $1805.

Note that price has been ranging within a rising wedge formation since the start of this month.

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com