- Palladium seesaws around monthly peak, keeps key trend line breakout.
- Firmer Momentum line strengthens bullish bias, $2,460-75 becomes the key hurdle.
Palladium (XPD/USD) bulls take a breather around a one-month high, recently sidelined near $2,115 ahead of Tuesday’s European session.
The precious metal refreshed the multi-day top following its sustained run-up beyond the previous resistance lines from August and July. Also backing the XPD/USD bulls is the upbeat Momentum line.
Hence, the commodity buyers can ignore the latest sideways grind while aiming for October’s peak surrounding $2,180.
Though, any further upside will enable the palladium bulls to aim for the late August month’s low near $2,265. Even so, a convergence of the 200-DMA, June’s low and August 25 high, around $2460-75 becomes a tough nut to crack for them afterward.
Meanwhile, pullback moves remain less important until staying beyond a descending trend line from August, near $2,050.
Following that, the $2,000 threshold and a four-month-old support line, previous resistance, will lure the palladium bears to $1,980.
Palladium: Daily chart
Trend: Further upside expected