Palladium Price Analysis: XPD/USD to enjoy a recovery towards the $2217 mark – Commerzbank

Palladium (XPD/USD) has not seen a new low confirmed by the daily RSI. Karen Jones,Team Head FICC Technical Analysis Research at Commerzbank, suspects that the market has exhausted itself for now on the downside and would allow for a corrective rebound.

New low not confirmed by the daily RSI

“Palladium has sold off further reaching a low of $1858. This new low has not been confirmed by the daily RSI, which has diverged indicating a loss of downside momentum.”

“We also note the $1838 June 2020 low and the $1764 200-week ma lie directly below the market and are helping to steady price.”

“We suspect that the downside may have exhausted itself for now and would allow for a recovery towards the 20-day ma at $2217 and the November 2020 low at $2185.

“Below the $1764 200-week ma lies the 55-month ma at $1638.” 

“Above the 20-day ma we find the 23rd August low at $2270.”