• Palladium consolidates the biggest daily losses since September at monthly low.
  • Clear break of seven-week-old trend line, bearish MACD signals favor sellers.
  • Ascending resistance line from September, 100-DMA challenge bulls.

Palladium (XPD/USD) traders lick their wounds around November’s low while picking up bids to $1,971 ahead of Tuesday’s European session.

Although multiple lows marked during late October restrict the immediate downside of the precious metal, a daily closing below the previous support line from early October joins bearish MACD signals to keep sellers hopeful.

Hence, the $1,960-55 area may offer nearby support to the XPD/USD prices before highlighting the early October peak near $1,915 and the $1,900 round figure.

In a case where the palladium prices drop below $1,900, sellers can aim for the yearly low near $1,850-49.

Meanwhile, corrective pullback remains elusive beyond the support-turned-resistance of around $2,052.

Adding to the upside filters are the 100-DMA and an ascending resistance line from September 13, respectively around $2,180 and $2,205.

Palladium: Daily chart

Trend: Bearish

This article was originally published by Fxstreet.com.Read the original article here.


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