- Palladium prices consolidate the biggest daily losses in two weeks.
- Previous support line from December 2021, 21-day EMA guards recovery moves.
- Bearish MACD challenges upside momentum, 200-day EMA adds to the downside filters.
Palladium (XPD/USD) recovers from a fortnight low to $2,383, up 1.30% intraday heading into Monday’s European session.
The precious metal’s latest rebound could be linked to the pair’s inability to conquer the 100-day EMA, which in turn joins the recently firming RSI line to keep buyers hopeful.
However, bearish MACD signals and convergence of the 21-day EMA, as well as the support-turned-resistance line from mid-December 2021, around $2,500, appears tough nut to crack for the XPD/USD bulls.
Should the metal buyers successfully cross the $2,500 hurdle, the recent top near $2,605 and February’s high of $2,706 will be on their targets.
Meanwhile, a downside break of the 100-day EMA, around $2,320 at the latest, will need validation from the 200-day EMA level of $2,270 to recall the palladium bears.
Following that, February’s low of $2,195 and the $2,000 threshold may lure the sellers.
Palladium: Daily chart
Trend: Limited upside expected
