Palladium has broken further long-term supports to reinforce its existing top. Strategists at Credit Suisse expect XPD/USD to edge lower towards $1,495.

Initial support seen at $1,700

“Palladium maintains its top from the summer and has now broken next key support from the recent low, 200-week average and potential long-term uptrend at $1,846/06.”

“The break below $1846/06 should confirm a resumption of the downtrend for the year, with support seen next at $1,700, ahead of $1,670/65 and eventually $1,495.”