Palladium Price Analysis: XPD/USD renews weekly top around $2,650, rising channel eyed
- Palladium prints four-day uptrend inside a nine-week-old ascending trend channel.
- Overbought RSI tests buyers but upside momentum remains intact beyond $2,280-70.
Palladium (XPD/USD) remains on the front foot around $2,647, up 0.25% intraday during the four-day winning streak ahead of Thursday’s European session.
The precious metal not only renews weekly top but also stays near to the highest levels marked since late July, pinned the previous week.
The upside momentum justifies bullish MACD signals inside an upward sloping trend channel from late December 2021. However, the overbought RSI line hints at a pullback.
That said, June 2021 low near $2,460 may lure the short-term sellers but the support line of the stated channel, around $2,400, will challenge the quote’s further downside,
Even if the quote drops below $2,400, a convergence of the previous resistance line from early 2021 and an 11-week-old rising support line, near $2,280-70 will be a tough nut to crack for the palladium bulls afterward.
Meanwhile, the XPD/USD’s further upside will aim for the stated channel’s resistance line, near $2,800 at the latest, before challenging the July 2021 peak of 2,882.
Palladium: Daily chart
Trend: Bullish
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.
