Palladium Price Analysis: XPD/USD remains depressed below $2,400

• Palladium edges higher in the early European session on Friday on pullback correction.
• Bulls remain vulnerable near the $2,400 level.
• Momentum oscillator remained in oversold zone with a neutral stance.

Palladium (XPD/USD) edges higher  on Friday, bucking the previous session’s momentum. The metal prices opened higher but not able to sustain the momentum.

At the time of writing, XPD/USD is trading at $2,392, up 0.65% for the day.

Palladium daily chart

On the daily chart, after consolidating in a broader trading range of $2,680 and $2,580, XPD/USD fell sharply to test the low of $2,260, after breaking the range on August 17.

The metal took a sharp recovery to the high of $2,457.90 on August 24. However prices started retreating below but held near $2,400.

Being said, prices could move back to the previous day’s high at $2,480.

Next, the bulls will attempt to retest the $2,580 horizontal resistance level followed by the high of August 16 at $2,637.

Alternatively, if price moves lower, it could retrace back to the $2,350 horizontal support level.

Any downtick in the Moving Average Convergence Divergence (MACD) would amplify the selling pressure toward the $2,300 key psychological levell.

The next area of support would be the low of March 10 at $2,289.

Palladium additional levels