Palladium Price Analysis: XPD/USD tracks commodities to north, pierces $2,800

Palladium extends the previous day’s recovery from monthly low, on the bids recently.
Upbeat market sentiment, US dollar losses put a bid under precious metals.
Fed policymakers achieve taming reflation fears, downbeat US data, trade/political headlines also favor risk-on mood.
Palladium (XPD/USD) stays on the front foot, up 1.12% to attack intraday high above $2,800, heading into Wednesday’s European session. In doing so, the commodity follows its other counterparts amid risk-on mood, also cheer the US dollar weakness, by the press time.

The US dollar index (DXY) drops for the third consecutive day, down 0.08% around January lows white writing, as market sentiment improves following the US Federal Reserve System (Fed) official’s efforts to placate reflation and tapering woes. aside from the brighter market mood, the recently downbeat US data line exerts additional downside pressure on the greenback gauge.

Furthermore, the US removal of China’s Xiaomi from the blacklist and readiness to ease restrictions on the Russian pipeline joins Japanese policymakers’ optimism and push for more stimulus to amplify the push towards the riskier assets.

Amid these plays, stock futures and therefore the US Treasury yields print mild gains whereas commodities, especially bullion, devour bids.

Looking forward, XPD/USD traders will follow commodities’ tunes, which successively highlights the importance of Fedspeak and therefore the US data for near-term direction.

Technical analysis
Recovery moves from a two-month low around $2,727-26 propel palladium towards $2,830 immediate hurdle. Though, any longer upside are going to be probed by the monthly resistance line and 21-day SMA, respectively near $2,860 and $2,896.

Today last price 2801.66
Today Daily Change 30.85
Today Daily Change % 1.11%
Today daily open 2770.81

Daily SMA20 2900.21
Daily SMA50 2779.72
Daily SMA100 2569.76
Daily SMA200 2445.84

Previous Daily High 2790.38
Previous Daily Low 2733.75
Previous Weekly High 2946.06
Previous Weekly Low 2775.5
Previous Monthly High 3011.62
Previous Monthly Low 2586.05
Daily Fibonacci 38.2% 2768.75
Daily Fibonacci 61.8% 2755.38
Daily Pivot Point S1 2739.58
Daily Pivot Point S2 2708.35
Daily Pivot Point S3 2682.95
Daily Pivot Point R1 2796.21
Daily Pivot Point R2 2821.61
Daily Pivot Point R3 2852.84

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