- Palladium edges higher in the early European session on Friday.
- Bulls hold the key support area near $2,620, making it a crucial level to trade.
- Momentum oscillator remained in oversold zone with a neutral stance.
Palladium (XPD/USD) edges higher on Friday, following the previous session’s momentum. The metal hovers in a very narrow trade band with an underlying bullish sentiment.
At the time of writing, XPD/USD is trading at, $2,620, up 0.04% for the day.
Palladium daily chart
On the daily chart, after a steep decline from the high of $2,841 on June 16, XPD/USD made a low of $2,461.72 in a span of two days.
The metal took a sharp recovery to the high of $2,882 on July 6, only to retrace lower while forming a broader symmetrical triangle.
Being said, prices consolidate near the descending trendline of the triangle, which indicates struggle near the higher level.
Being said that, a break of the bearish sloping line would push price toward the 20-day Simple Moving Average (SMA) at $2,636.84.
Next, the bulls will attempt to recapture the $2,650 horizontal resistance level followed by the high of August 3 at $2,683.29.
Alternatively, if price moves lower, it could retrace back to the $2,600 horizontal support level.
Any downtick in the Moving Average Convergence Divergence (MACD) would amplify the selling pressure toward the low of August 10 at $2,588.
The next area of support would be the $2,575 horizontal support level, which coincides with the ascending trendline of the mentioned pattern above.
Palladium additional levels