Palladium is Down for the 2nd Day in a Row

The Hourly View for Palladium

  • At the time of this writing, XPDUSD’s price is down $-4.7 (-0.18%) from the hour prior.
  • It’s been a feast for bears operating on an hourly timeframe, as Palladium has now gone down 4 of the past 5 hours.
  • Regarding the trend, note that the strongest trend exists on the 100 hour timeframe.
  • Price action traders may also wish to note that we see a doji candlestick pattern on Palladium. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them so that price is now turning below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Palladium’s hourly price chart is shown below.

XPDUSD

The Daily View for Palladium

  • Currently, XPDUSD’s price is down $-1.42 (-0.05%) from the day prior.
  • This is the 2nd day in a row Palladium has seen its price head down.
  • Regarding the trend, note that the strongest trend exists on the 50 day timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Palladium. Given that we see an uptrend on the 20 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Below is a daily price chart of Palladium.

XPDUSD