Palladium stays mildly bid near eight-day top, rejects Friday’s pullback.
RSI recovery, receding bearish bias of MACD backs bounce off five-month-old support.
Descending trend line from early May tests buyers.
Palladium (XPD/USD) refreshes intraday top with $2,652, up 0.41% on a day, as European traders brace for the bell.
The precious metal stepped back from the highest since June 17 the previous day as 100-DMA probed the bulls. However, recently improving conditions of RSI and MACD portrays the gradually gaining bullish momentum to back the commodity’s another battle with the key moving average around $2,662.
A daily closing beyond $2,662 becomes necessary for the XPD/USD bulls to aim for May’s low near $2,726. Though, any further upside will be questioned by a downward sloping trend line from early May, near $2,765.
Alternatively, pullback moves may test the $2,600 threshold before highlighting an ascending support line from late January, around $2,505.
It’s worth noting that lows marked during late March highlight $2,520 as an extra barrier before hitting the key support line whereas February’s top around $2,495 becomes an additional filter to the south of $2,505.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.