Palladium Price Analysis: XPD/USD bears brace for $1,850
- Palladium consolidates the biggest daily losses since September at monthly low.
- Clear break of seven-week-old trend line, bearish MACD signals favor sellers.
- Ascending resistance line from September, 100-DMA challenge bulls.
Palladium (XPD/USD) traders lick their wounds around November’s low while picking up bids to $1,971 ahead of Tuesday’s European session.
Although multiple lows marked during late October restrict the immediate downside of the precious metal, a daily closing below the previous support line from early October joins bearish MACD signals to keep sellers hopeful.
Hence, the $1,960-55 area may offer nearby support to the XPD/USD prices before highlighting the early October peak near $1,915 and the $1,900 round figure.
In a case where the palladium prices drop below $1,900, sellers can aim for the yearly low near $1,850-49.
Meanwhile, corrective pullback remains elusive beyond the support-turned-resistance of around $2,052.
Adding to the upside filters are the 100-DMA and an ascending resistance line from September 13, respectively around $2,180 and $2,205.
Palladium: Daily chart
Trend: Bearish
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
