Palladium Price Analysis: XPD/USD faces double top near $2,455

• Palladium edges lower in the early European session on Wednesday.
• Bulls look to extend the gains beyond $2,455 but face the challenge.
• Momentum oscillator remained in oversold zone with a neutral stance.

Palladium (XPD/USD) edges lower on Friday, bucking the previous session’s momentum. The metal prices opened higher but not able to sustain the momentum.

At the time of writing, XPD/USD is trading at, $2,438, down 0.65% for the day.

Palladium daily chart

On the daily chart, after consolidating in a broader trading range of $2,680 and $2,580, XPD/USD fell sharply to test the low of $2,262, after breaking the range on August 16.

The metal took a sharp recovery to the high of $2,457.90 on August 24.

Being said, prices consolidate near the double top formation, any uptick in the prices could attempt to move toward the $2,503 horizontal resistance level.

Next, the bulls will attempt to retest the $2,550  horizontal resistance level followed by the high of August 17 at $2,600.

Alternatively, if price moves lower, it could retrace back to the previous day’s low at $2,392.56.

Any downtick in the Moving Average Convergence Divergence (MACD) would amplify the selling pressure toward the $2,350 horizontal support level.

The next area of support would be the low of August 19 at $2,300.

Palladium additional levels