Palladium is under pressure. Nevertheless, only below the $1,542 low of 2021 would mark a major top, changing significantly the trend lower, economists at Credit Suisse report.

Resistance at $2,095/2,120 set to cap

“We see risk for a test of long-term support at $1,594/$1,542 – the 61.8% retracement of the entire 2016/2022 bull trend and key low of 2021. Only below here though (and then quickly ideally $1,495) would see a major top established to mark a significant change of trend lower, with supports then seen next at $1,268, ahead of $1,140 and then the 78.6% retracement at $1,092.”

“Resistance from the recent reaction high and 200-day average at $2,095/$2,120 ideally caps to keep the immediate risk lower.”

See – Palladium Price Analysis: XPD/USD to surge towards $2,100 by year-end – Commerzbank