Palladium revisits the 200-DMA, five-month-old line on a bounce from a three-month low.
Bearish MACD, strong upside hurdles, and US dollar strength probe the buyers.
The horizontal area from November 2020 adds to the upside filters, sellers brace for a bumpy road ahead.
Palladium (XPD/USD) consolidates recent losses below $2,500, up 0.82% intraday near $2,495 before Monday’s European session. In doing so, the brilliant metal keeps the bounce off St Patrick’s Day lows, flashed the previous day, to battle a convergence of 200-day SMA and former support line.
Given the strongest bearish bias of the MACD in 15 months, including the sustained trading below the key levels, palladium prices are likely to stay pressured toward the late November 2020 tops surrounding $2,435.
It’s worth noting that there are multiple supports around $2,350 and therefore the $,2300 threshold before dragging the quote to March’s low of $2277 during the commodity’s further weakness.