- Palladium edges higher around two-week top, rejects Tuesday’s pullback moves.
- Sustained trading beyond the key DMA, upbeat MACD favor bulls.
- Sellers have a bumpy road to return beyond monthly low.
Palladium (XPD/USD) buyers keep the controls around $2,695, up 0.34% intraday, ahead of Wednesday’s European session.
The precious metal stepped back the previous day before bouncing off 100-day SMA (DMA). Given the strongest bullish signal by the MACD backing the recovery moves, the upside potential can’t be undermined.
Hence, the commodity prices remain directed to the previous month’s low near $2,726 while the $2,700 threshold seems to challenge the immediate advances.
It should, however, be noted that a downward sloping trend line from early May, near $2,745, will be a tough nut to crack for the XPD/USD bulls.
Alternatively, pullback moves need to offer a daily closing below 100-DMA level of $2,669 before directing sellers to 50% and 61.8% Fibonacci retracements of March-May upside, respectively around $2,647 and $2,540.
Though, the palladium bears will remain unconvinced before witnessing a sustained downside below the monthly bottom surrounding $2,461.
Palladium: Daily chart