Palladium Price Analysis: XPD/USD sellers need $2780 breakdown to retake controls

• Palladium pares weekly gains but bears need validation.
• Monthly support line, 50-SMA challenges sellers cheering fortnight-old support break, bearish MACD.

Palladium (XPD/USD) prices trim intraday losses, down 0.30% around $2,799, ahead of Friday’s European session. The precious metal broke a two-week-old support line the previous day but 50-SMA and monthly rising trend line test the sellers of late.

Given the bearish MACD, palladium prices can conquer the immediate SMA support around $2,785, as well as the $2,780 trend line support.

However, the following downside should refresh the monthly low, currently around $2,750, to direct XPD/USD bears towards the late June tops surrounding $2,700.

Meanwhile, corrective bounce needs to regain above the previous support line, near $2,820, before targeting the $2,845 resistance.

It should, however, be noted that the palladium bulls will remain cautious until witnessing a clear upside break of $2,875 hurdle, comprising tops marked since early June.

Overall, XPD/USD consolidates its recent upward trajectory but bears are yet not invited.

Palladium: Four-hour chart

Trend: Further weakness expected