Palladium continues to rise around a two-week high, defying Tuesday’s reverse moves.
Bulls are favored by sustained trading beyond the key DMA and an upbeat MACD.
Sellers face a difficult path to get back above the monthly low.
Prior to Wednesday’s European session, palladium (XPD/USD) purchasers keep the controls around $2,695, up 0.34 percent intraday.
The precious metal took a step back the day before rebounding off the 100-day SMA (DMA). The upside potential is undeniable, especially with the MACD’s biggest bullish signal supporting the recovery advances.
As a result, commodity prices have been driven toward the previous month’s low near $2,726 while the $2,700 barrier appears to be posing an obstacle to immediate gains.
It should be highlighted, however, that a downward sloping trend line from early May, near $2,745, will be difficult for the XPD/USD bulls to overcome.
Pullback moves, on the other hand, must provide a daily close below the 100-day moving average of $2,669 before leading sellers to the 50% and 61.8 percent Fibonacci retracements of the March-May upswing, respectively around $2,647 and $2,540.
Palladium bears, on the other hand, will remain unconvinced until the metal falls below the monthly bottom of $2,461.
Bullish trend
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