Palladium Price Analysis: XPD/USD sellers need $2780 breakdown to retake controls
- Palladium pares weekly gains but bears need validation.
- Monthly support line, 50-SMA challenges sellers cheering fortnight-old support break, bearish MACD.
Palladium (XPD/USD) prices trim intraday losses, down 0.30% around $2,799, ahead of Friday’s European session. The precious metal broke a two-week-old support line the previous day but 50-SMA and monthly rising trend line test the sellers of late.
Given the bearish MACD, palladium prices can conquer the immediate SMA support around $2,785, as well as the $2,780 trend line support.
However, the following downside should refresh the monthly low, currently around $2,750, to direct XPD/USD bears towards the late June tops surrounding $2,700.
Meanwhile, corrective bounce needs to regain above the previous support line, near $2,820, before targeting the $2,845 resistance.
It should, however, be noted that the palladium bulls will remain cautious until witnessing a clear upside break of $2,875 hurdle, comprising tops marked since early June.
Overall, XPD/USD consolidates its recent upward trajectory but bears are yet not invited.
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.
