- Palladium snaps two-day downtrend, keeps bounce off weekly low.
- Previous support from early March adds to the upside filters.
- March’s top, 50-day SMA has become the key supports.
Palladium (XPD/USD) trims intraday gains to $2,882, up 0.80% on a day, ahead of Thursday’s European session. The bright metal dropped to the one-week low the previous day before recovering from $2,851.
However, the corrective pullback not only fails to cross 21-day SMA but also stays below the previous support line from March 09, which in turn keeps sellers hopeful.
While $2,850 acts as a fresh trigger for selling, $2,830 and the $2,800 threshold can entertain short-term XPD/USD sellers afterward.
During the bullion’s weakness past $2,800, March month’s top of $2,756 and 50-day SMA near $2,703 will be important to watch.
Alternatively, a daily closing beyond 21-day SMA near $2,896 will have to cross the $2,900 round figure to direct palladium buyers toward the support-turned-resistance near $2,945.
Also acting as the key upside hurdle is the $3,000 psychological magnet and the monthly top, also the record peak surrounding $3,020.
Palladium daily chart
Trend: Bearish
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