Palladium trades at an intraday low, consolidating July’s largest daily gains.
The pullback towards the two-week-old support line is favored by the descending Momentum line.
Late May’s peak, as well as the 200-SMA, serve as additional filters to watch.
During early Thursday, palladium bulls took a step back from a significant horizontal hurdle, putting pressure on commodities prices. However, ahead of the European session, the precious metal is down 0.53 percent intraday to $2,839 dollars.
Palladium prices are set to fall further as the metal’s U-turn from a one-month-old horizontal barrier is backed by the downward sloping Momentum line.
Sellers can aim for the ascending support line from June 22, which is near $2,805. Any additional fall will require a sustained break of the $2,800 level before approaching the $2,749.200-SMA level.
Meanwhile, successful trading beyond the $2,875 barrier is required to propel XPD/USD bulls towards the $2,900 round number.
The late May swing high near $2,945 and the $3,000 psychological magnet will be the key to follow if the commodity recovers beyond the $2,900 barrier.
Pullback is projected as a trend./n
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