Palladium’s weekly gains have been cut in half, but bears still need confirmation.
Monthly support line, 50-SMA, and bearish MACD challenge sellers cheering fortnight-old support break.
Palladium (XPD/USD) prices have recovered some of their intraday losses, falling 0.30 percent to $2,799 ahead of the European day on Friday. The precious metal had broken a two-week-old support line the day before, but the 50-day moving average and monthly rising trend line had recently tested the sellers.
Palladium prices can surpass the immediate SMA support around $2,785, as well as the $2,780 trend line support, according to the bearish MACD.
The subsequent decline, however, should refresh the monthly low, which is currently around $2,750, and point XPD/USD bears towards the late June high around $2,700.
Meanwhile, the corrective bounce must re-establish itself above the prior support line near $2,820 before attempting to break through the $2,845 resistance.
Palladium bulls, on the other hand, will be cautious until they see a clear upside break of the $2,875 barrier, which contains tops recorded since early June.
Overall, the XPD/USD pair is consolidating its recent upward trend, but bears are still not welcome.
More weakness is likely in the future./n
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