Palladium Price Analysis: XPD/USD flirts with $2,650 on the way to five-week-old support line

• Palladium fades bounce off intraday low, drops for the second consecutive day.
• Further losses envisioned on bearish MACD, pullback from 200-SMA.
• Monthly low adds to the downside filters, horizontal resistance from July 04 also probes bulls.

Palladium (XPD/USD) remains pressured around $2,650, down 0.39% intraday, ahead of Tuesday’s European session.

In doing so, the precious metal extends Friday’s pullback from 200-SMA amid bearish MACD signals.

Hence, the commodity sellers are on their way south to an ascending support line from June 18, surrounding $2,600.

However, any further weakness past $2,600 needs to conquer the monthly low near $2,570 to keep the XPD/USD sellers hopeful.

Alternatively, a clear upside break of 200-SMA isn’t a green signal for the metal buyers as a horizontal area surrounding $2,765-70 could challenge the further upside.

If at all the palladium buyers manage to cross the $2,770 hurdle, the run-up to the monthly high of $2,882 can’t be ruled out.

XPD/USD: Four-hour chart

Trend: Further weakness expected