• Palladium remains sidelined around weekly bottom, keeping late April’s support break.
• Bearish MACD signals, sustained trading below 61.8% Fibo. also favor sellers.

Palladium (XPD/USD) remains on the back foot around the weekly low, recently sidelined near $2,175 during the early Friday morning in Europe.

The commodity’s failure to cross the 61.8% Fibonacci retracement (Fibo.) of December 2021 to March 2022 upside, near $2,260, directed the quote towards refreshing the week’s bottom the previous day.

In doing so, the XPD/USD prices keep the late April’s downside break of the five-month-old rising trend line, around $2,335 by the press time.

Hence, palladium is all set to retest the 200-DMA support of $2,140. However, a daily closing beneath the same becomes necessary for the bears to keep reins.

Following that, March’s low near $2,045 and the $2,000 thresold will lure the bears ahead of directing them to the late 2021 swing high near $1,997.

Meanwhile, the aforementioned Fibo level and the previous support line, respectively around $2,260 and $2,335, restrict the short-term rebound of the palladium prices.

Should XPD/USD bulls manage to cross the $2,335 level, 50% Fibonacci retracement level and March 18 swing high, close to $2,480 and $2,605 in that order, should gain the buyer’s attention.

Palladium: Daily chart

Trend: Bearish