(VIANEWS) – As European traders prepare for Friday’s work, Palladium (XPD/USD), which is still firm around $2,690 for the fourth straight day, remains near its weekly high.
FXStreet reported that the commodity maintains the mid-week recovery from the monthly top, and also breaches the Fibonacci key retracement levels. (Fibo. Bullish MACD supports the upside from late-June through early July. This is the same advantage that bulls will have going forward.
A convergence of 38.2% Fibo and 200-SMA is however possible. Nearly $2,725 presents a formidable challenge for the XPD/USD traders. A break could quickly recall the $2.770 and $2.800 resistances.
Palladium (PA=f) is currently on bullish momentum. At 04:04 EST on Friday, 23 July, Palladium (PA=f) is at $2,736.00 and 1.16% up since the last session’s close.
Today’s last reported volume for Palladium is 113, 100% below its average volume of 30058979756.2.
Concerning Palladium’s daily highs and lows, it’s 1.228% up from its trailing 24 hours low of $2,702.80 and 1.228% up from its trailing 24 hours high of $2,702.80.
Palladium’s last week, last month’s, and last quarter’s current volatility was 0.61%, 0.14%, and 1.43%, respectively.
Palladium’s current volatility rank, which measures how volatile a financial asset is (variation between the lowest and highest value in a period), was 1.29% (last week), 1.31% (last month), and 1.43% (last quarter), respectively.
Commodity Price Classification
According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, Palladium’s commodity is considered to be oversold (<=20).
Last news about Palladium (PA=f)
Palladium price analysis: xpd/usd retests $2,600 as oversold conditions rescue bulls. According to FXStreet on Tuesday, 20 July, "The upturn in the price of Palladium comes on the back of oversold conditions seen in the Relative Strength Index (RSI) on the four-hour chart.", "The risk-off mood bolstered the safe-haven demand for the US dollar, which exacerbated the pain in the USD-denominated Palladium price."
Palladium price analysis: xpd/usd looks set for more gains above $2,600. According to FXStreet on Wednesday, 21 July, "Meanwhile, a daily closing below the 200-day EMA level of $2,565 will recall Palladium sellers targeting 61.8% Fibonacci retracement and June’s bottom, respectively around $2,508 and $2,460."
News about Crude Oil
WTI crude oil forecast: market gets crushed – 20 July 2021. According to DailyForex on Tuesday, 20 July, "The West Texas Intermediate Crude Oil market broke down significantly during the trading session on Monday as OPEC+ came to an agreement to increase crude oil production. "
According to FXStreet on Tuesday, 20 July, "Later in the session, the American Petroleum Institute (API) will release its Weekly Crude Oil Stock data."
More news about Palladium (PA=f).