XPD/USD renews its weekly high around $2,650, a rising channel
- Palladium is printing a four-day uptrend inside a nine-week-old ascending trend channel.
- The overbought RSI is testing the buyers, but the bullish momentum remains intact beyond $2,280-70.
Palladium (XPD/USD) remains in the limelight around $2,647, up 0.25% intraday during the four-day winning streak ahead of Thursday’s European session.
The precious metal not only renews its weekly high but also remains close to the highest levels marked since late July, pinned the previous week.
The bullish momentum justifies bullish MACD signals inside an ascending sloping trend channel from late December 2021. However, the overbought RSI line hints at a pullback.
That said, the June 2021 low near $2,460 could attract short-term sellers, but the indicated channel support line around $2,400 will challenge the further decline in the quote,
Even if the quote falls below $2,400, a convergence of the previous resistance line from early 2021 and an 11-week-old rising support line near $2,280 at $70 will be a tough problem to resolve. for palladium bulls thereafter.
Meanwhile, the continued rise in XPD/USD will target the resistance line of the indicated channel near $2,800 at the latest before challenging the July 2021 peak of 2,882.
Palladium: daily chart