- Palladium bulls seek further strength to extend recovery from monthly low.
- Bearish MACD, two-week-old resistance line adds filters to the north.
Palladium stays firm around the weekly top, up 0.32% intraday near $2,913, ahead of Tuesday’s European session. In doing so, the quote rises for the fourth consecutive day after bouncing off a seven-week-old support line during the last week.
Although sustained recovery from the key support line favor buyers, 21-day SMA (DMA) joins bearish MACD to test the commodity’s further upside near $2,915.
Even if the quote crosses the immediate hurdle, a downward sloping trend line from May 04 close to $2,975 and the $3,000 threshold could challenges further upside ahead of directing Palladium bulls to the record top near $3,020.
On the flip side, pullback moves should initially attack the $2,900 round figure before testing the stated support line near $2,875.
However, a daily closing below $2,875 won’t hesitate to direct sellers toward the monthly low of $2,806.
Palladium daily chart
Trend: Pullback expected
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