Palladium Price Analysis: XPD/USD to alleviate upside pressure on a dip below 2904 – Commerzbank

Palladium (XPD/USD) continues to hold over the 20-day moving average at 2904 and maintains an upside bias while above here. Target zone 3028/53 remains, as reported by Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank. 

TD resistance is not encountered until 3487

“Palladium is consolidating below the new high at 3020. It remains in our target zone. We have no fewer than 3 point and figure targets in the 3028-3053 target zone. We would again tighten up stops as we are concerned that a move higher will not be sustained.” 

“Dips lower have already held over the 20-day ma at 2904, however and only a close below here will negate upside pressure for now. Failure here will shift attention back to the 2758 mid-March high. Below here lies 2524/2491.10 February high.” 

“Above 3053, we have very little until the 3487/3598 band.”