• Palladium stays mildly bid near eight-day top, rejects Friday’s pullback.
• RSI recovery, receding bearish bias of MACD backs bounce off five-month-old support.
• Descending trend line from early May tests buyers.

Palladium (XPD/USD) refreshes intraday top with $2,652, up 0.41% on a day, as European traders brace for the bell.

The precious metal stepped back from the highest since June 17 the previous day as 100-DMA probed the bulls. However, recently improving conditions of RSI and MACD portrays the gradually gaining bullish momentum to back the commodity’s another battle with the key moving average around $2,662.

A daily closing beyond $2,662 becomes necessary for the XPD/USD bulls to aim for May’s low near $2,726. Though, any further upside will be questioned by a downward sloping trend line from early May, near $2,765.

Alternatively, pullback moves may test the $2,600 threshold before highlighting an ascending support line from late January, around $2,505.

It’s worth noting that lows marked during late March highlight $2,520 as an extra barrier before hitting the key support line whereas February’s top around $2,495 becomes an additional filter to the south of $2,505.

PALLADIUM: DAILY CHART