- Palladium stays mildly offered inside a choppy range below $2,800.
- Three-week-old rising trend line, 50-DMA breakdown backs sellers.
- Bulls need to cross June’s top before retaking controls.
Palladium (XPD/USD) prices struggle to overcome the previous day’s downside break of the key support, now resistance, around $2,793, down 0.10%, ahead of Wednesday’s European session.
The bright metal jumped to the highest since late May the previous day before dropping back below the convergence of an ascending trend line from June 18 and 50-DMA.
The bearish impulsive remains intact so far during today and keeps sellers hopeful even as MACD flashes bullish signals.
That said, the 38.2% Fibonacci retracement of March-May upside, near $,2735, acts as short-term key support for the commodity before highlighting the $2,700 threshold for the sellers.
However, any further weakness will be challenged by multiple tops marked during late March and early April around $2,685.
On the flip side, the last month’s high surrounding $2,872 will probe the metal’s daily closing beyond $2,805 confluence but the bulls won’t be in controls unless refreshing the multi-day top of $2,882.
Should the palladium prices rally beyond $2,882, the $2,900 round figure and the May 18 top near $2,945 will be crucial to observe.
Palladium: Daily chart
Trend: Further weakness expected
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