Palladium Price Analysis: XPD/USD bears brace for $2,600

• Palladium edges lower inside a three-week-old symmetrical triangle.
• Sustained trading below the key SMAs, bearish MACD signals favor sellers.
• Bulls look for entries beyond 38.2% Fibonacci retracement.

Palladium (XPD/USD) remains pressured around $2,620, mostly inactive, ahead of Monday’s European session. In doing so, the metal refrains from following its other counterparts, namely gold and silver, while staying inside a short-term triangle.

However, bearish MACD signals and sustained trading below the key moving averages keep sellers hopeful as the quote seesaws around 61.8% Fibonacci retracement (Fibo) of June 18 to July 06 upside.

It’s worth noting that a clear downside break of the stated triangle’s support line, near $2,610, will be necessary for the sellers’ entry. Also acting as a downside filter is the $2,600 threshold.

During the quote’s weakness past $2,600, July 19 low near $2,570 and the $2,500 may please XPD/USD bears ahead of directing them to June’s low near $2,460.

Meanwhile, the 100-SMA level of $2,645 guards the immediate upside of the commodity ahead of the triangle’s resistance line, near $2,660.

Even if the prices rally beyond $2,660, 200-SMA and July 23 swing high, near 38.2% Fibo, respectively around $2,710 and $2,723, will be tough challenges to the palladium buyers.

Palladium: Four-hour chart

Trend: Further weakness expected