Palladium Technical Analysis - Palladium Trading: 2022-09-12

Palladium Technical Analysis Summary

Above 2230

Buy Stop

Below 1930

Stop Loss

Indicator Signal
RSI Neutral
MACD Neutral
MA(200) Neutral
Fractals Neutral
Parabolic SAR Buy
Bollinger Bands Neutral

Palladium Chart Analysis

Palladium Technical Analysis

On the daily timeframe, XPDUSD: D1 is in the rising channel and is moving towards its upper border. It must overcome the 200-day moving average before entering a position. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if XPDUSD: D1 rises above its latest up fractal, 200-day moving average and upper Bollinger band: 2230. This level can be used as an entry point. The initial risk limit is possible below the Parabolic signal and the last lower fractal: 1930. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders, after making a trade, can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (1930) without activating the order (2230), it is recommended to delete the order: the market is undergoing internal changes that were not taken into account.

Fundamental Analysis of Precious Metals - Palladium

Precious metals rise in price amid the correction of the US dollar index. Will the XPDUSD quotes continue to rise?

Last week, the US dollar index hit a 20-year high. However, it failed to consolidate above the psychological mark of 110 points and corrected down. Investors are looking forward to the publication of the United States Consumer Price Index for August, which will be released on September 13th. It is forecast to increase to 9% y/y from 8.5% y/y in July. This may slow down the strengthening of the US currency and support the demand for precious metals. Russia ranks first in the world in palladium production. Its share is about 40%. Accordingly, economic sanctions against Russia may contribute to the rise in the price of palladium. Worth noting, this metal is actively used in various industries as a catalyst.