Palladium Price Analysis: XPD/USD remains pressurized near descending trendline

Palladium (XPD/USD) edges higher on Friday, following the previous session’s momentum. The metal hovers in a very narrow trade band with an underlying bullish sentiment.

At the time of writing, XPD/USD is trading at, $2,620, up 0.04% for the day.

Palladium daily chart

On the daily chart, after a steep decline from the high of $2,841 on June 16, XPD/USD made a low of $2,461.72 in a span of two days.

The metal took a sharp recovery to the high of $2,882 on July 6, only to retrace lower while forming a broader symmetrical triangle.

Being said, prices consolidate near the descending trendline of the triangle, which indicates struggle near the higher level.

Being said that, a break of the bearish sloping line would push price toward the 20-day Simple Moving Average (SMA) at $2,636.84.

Next, the bulls will attempt to recapture the $2,650 horizontal resistance level followed by the high of August 3 at $2,683.29.

Alternatively, if price moves lower, it could retrace back to the $2,600 horizontal support level.

Any downtick in the Moving Average Convergence Divergence (MACD) would amplify the selling pressure toward the low of August 10 at $2,588.

The next area of support would be the $2,575 horizontal support level, which coincides with the ascending trendline of the mentioned pattern above.

Palladium additional levels