Palladium price slips below $1,121 support amid continued seller pressure

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Palladium slides 3.26% to $1,135 today

Highlights

XPD/USD remains under significant downward pressure as it trades below all key moving averages on hourly and daily charts.
Momentum and oscillator indicators register oversold conditions with strong selling activity and no bullish divergences confirmed.
The price is projected to consolidate within $1,121 to $1,149 over the next two to three days, with a high risk of new lows unless $1,159 is reclaimed.

Technical signals reinforce oversold conditions amid persistent selling

On the technical front, XPD/USD is trading below the MA-20 at $1,163 and MA-50 at $1,168 on the H1 chart, and remains under the MA-200 at $1,394 on the daily timeframe. The Ichimoku Kijun at $1,159 now serves as immediate resistance. Momentum indicators confirm heavy selling pressure: the MACD is on Sell, ADX is neutral, while RSI stands at 25.72. Stoch RSI, CCI, and Bull/Bear Power also signal oversold conditions and prevailing seller dominance. The Awesome Oscillator adds support to the ongoing downward trend, with no prominent divergences observed.

Downside bias persists as fresh losses threaten support zone

Looking ahead to the next two to three trading days, XPD/USD is likely to consolidate between $1,121 and $1,149. The probability of a move higher appears very low, with a significantly higher chance of further downside within this volatility band. An upward reversal would require a clear break above $1,159, while further losses may unfold if the $1,121 support zone is breached.

Anton Kharitonov, expert at Traders Union, notes continued technical weakness in Palladium, with price action persistently below key moving averages. He sees little sign of reversal as selling indicators remain strong and the asset trades close to support at $1,121. Short-term prospects favor further downside or sideways movement unless significant resistance at $1,159 is reclaimed. "As long as XPD/USD stays under major resistance levels, I remain very cautious about any attempted recovery here."

Previously it was reported that Ontario announced significant public funding to support the development of a major copper and palladium processing facility as part of its broader critical minerals strategy. Against this backdrop, traders should closely monitor the $1,121 support level, as a sustained move below it could open the door to further downside risks for palladium in the near term.

Source of Data: XPD Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.