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  • Palladium prints five-day uptrend, mildly bid of late.
  • Key SMAs, monthly resistance line guards immediate upside.
  • Weekly support line defends bulls amid upbeat MACD signals.

Palladium (XPD/USD) battles 50-SMA, up 0.24% intraday around $2,915, heading into Wednesday’s European session. The bullion has been ignoring struggling to justify bullish MACD signals, not to forget the short-term rising trend line, of late.

Even if the quote crosses the 50-SMA immediate hurdle, around $2,920, 100-SMA level of $2,939 and a falling trend line from May 04 test buyers.

It should, however, be noted that a clear run-up beyond $2,920 enables the precious metal buyers to attack the $3,000 threshold before targeting the yearly top surrounding $3,020.

Meanwhile, a downside break of nearby trend line support of $2,906 precedes the $2,900 round figure to challenge the short-term sellers.

In a case where XPD/USD drops below $2,900, the monthly low of $2,806 and the $2,800 level could return to the chart.

Palladium four-hour chart

Trend: Pullback expected

 

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