• Palladium stays pressured around intraday low, keeps pullback from five-month-old resistance line.
• 50-DMA, 23.6% Fibonacci retracement level limits immediate downside.
• 11-week-old horizontal line adds to the upside filters.
• RSI retreat, failures to cross immediate hurdle signal for the downside.

Palladium (XPD/USD) fades bounce off intraday low, down 0.12% on a day around $1,919 during early Monday.

The precious metal rose to the highest since November 22 before stepping back from a five-month-long descending resistance line during the last week.

The pullback moves do gain support from the RSI retreat, which in turn directs the sellers towards a convergence of 50-DMA and 23.6% Fibonacci retracement of May-December south-run, near $1,885.

It’s worth noting that September’s low surrounding $1,849 may offer an intermediate halt during the quote’s downside past $1,885 before the bears can aim for the $1,800 threshold.

Meanwhile, recovery moves need to cross the stated resistance line, around $1,965 at the latest, to recall the buyers.

Even so, the $2,000 psychological magnet and tops marked during October-November, near $2,180, will be tough resistances to cross for the XPD/USD bulls before retaking the controls.

Palladium: Daily chart

Trend: Further weakness expected