Palladium Price Analysis: XPD/USD fades bounce off 50-DMA around $2,850

• Palladium seesaws in a choppy range after bouncing off key DMA.
• Bullish MACD, sustained trading beyond important support keeps buyers hopeful.
• Ascending trend line from late January keeps buyers hopeful.

Palladium (XPD/USD) carries early Asian weakness around $2,851, down 0.22% intraday, ahead of Tuesday’s European session. In doing so, the commodity prices lack follow-through after bouncing off 50-DMA the previous day.

Even so, bullish MACD and sustained trading beyond crucial moving average favor XPD/USD bulls until the quote stay beyond $2,794 DMA support.

Following that, May’s low around $2,725 and late March tops near $2,685 could test the bears before directing them to an ascending support line from late January, surrounding $2550.

Alternatively, a daily closing beyond June’s high around $2,875 will aim for the $2,900 round figure and May 18 swing high close to $2,945.

However, sustained trading beyond $2,945 will help palladium bulls to aim for the $3,000 threshold before aiming for May’s top, also the record high, around $3,820.

Palladium: Daily chart

Trend: Bullish