Palladium Price Analysis: XPD/USD eyes further losses below $3,000 on triangle break
- Palladium remains pressured around intraday low after dropping the most in nine months.
- MACD signals join bearish breakout of triangle to keep sellers hopeful.
- Bulls need clear break above $3,210 to retake controls.
Palladium (XPD/USD) bears keep reins around $2,970, down 0.17% intraday heading into Thursday’s European session.
That said, precious metal dropped the most since June 2021 the previous day while breaking a weekly symmetrical triangle.
The triangle breakdown joins bearish MACD signals to hint at the XPD/USD pair’s further downside.
Hence, palladium sellers eye a 50-SMA level of $2,843 as immediate support ahead of targeting the 610.8% Fibonacci retracement of February-March upside, near $2,747.
On the contrary, the $3,000 threshold will initially challenge the XPD/USD rebound before highlighting the triangle’s support line of $3,055.
Following that, the stated triangle’s upper line and Wednesday’s swing top, respectively around $3,101 and $3,210, will act as the last defenses for the palladium bears.
Palladium: Four-hour chart
Trend: Further weakness expected
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.
