Palladium Price Analysis: XPD/USD directs nearby resistance breakout towards 200-EMA

• Palladium picks up bids, extends previous day’s break of weekly resistance line.
• Bullish MACD, sustained trading above 61.8% Fibonacci retracement favor buyers.

Palladium (XPD/USD) remains on the front foot around $2,045, up 0.18% intraday during the early European session on Tuesday.

The precious metal crossed a downward sloping trend line from October 14 the previous day. The same joins upbeat MACD signals to keep buyers hopeful.

However, a clear upside break of the 200-EMA, around $2,070 by the press time, becomes necessary for the commodity bulls before challenging the monthly peak of $2,176.

During the rise, the $2,100 threshold will become an intermediate halt.

Meanwhile, pullback moves remain less important until staying beyond the previous resistance line, close to $2,025 at the latest.

Also acting as a downside filter is the $2,000 psychological magnet and 61.8% Fibonacci retracement of the early October advances, near $1,974.

Overall, palladium prices are likely to extend recovery moves but a bumpy road ahead challenge the buyers.

Palladium: Four-hour chart

Trend: Further upside expected