Palladium is already holding a top and now at risk to a break of its 200-week average at $1,846/06. XPD/USD could fall as low as $1,495, according to strategists at Credit Suisse.

Consolidation seen as a temporary pause prior to a fresh leg lower

“Palladium already holds a top from the summer and the recent consolidation is seen as a temporary pause prior to a fresh leg lower.” 

“Key remains the recent low, 200-week average and potential long-term uptrend at $1,846/06.”

“Below $1,846/06 should confirm a resumption of the downtrend for the year, with support seen next at $1,735 ahead of $1,670/65 and eventually $1,495.”

See – Palladium Price Analysis: XPD/USD looks vulnerable, support at $1,850 is exposed – Commerzbank