Palladium gradually overcomes three-month low, up for second positive day.
50% Fibonacci retracement, 100-DMA guards immediate upside, multiple horizontal lines test the bulls afterward.
Late March low, 61.8% Fibonacci retracement restrict short-term downside.
Palladium (XPD/USD) holds onto the previous day’s recovery moves from mid-March lows, taking rounds to $2,595 heading into Tuesday’s European session. In doing so, the valuable metal gains 0.14% intraday because it battles the five hundred Fibonacci retracement (Fibo.) of October 2020 to May 2021 upside.
Given the receding bearish bias of MACD and therefore the commodity’s sustained trading above the key Fibonacci retracement, namely the 61.8% Fibo., Palladium buyers can cross the immediate hurdle surrounding $2,600. However, the quote’s further upside are going to be probed by 100-day SMA (DMA) level near $2,650.