Palladium Price Analysis: XPD/USD consolidates in broader trade range on daily chart

Palladium nose dives on Monday with more than 1% fall.
Price moves in a broader consolidating trading range of $1,960 and $2,080.
XPD/USD has been in a continuous downward trend since early May.

Palladium (XPD/USD) takes a negative start on the fresh trading week. The metal prices hover in a broader trade band on the daily chart, with a bearish sentiment.

At the time of writing, XPD/USD is trading at $1,966, down 1.57% for the day.

Palladium daily chart

Technically speaking, the metal remained in medium-term downside price movement since the beginning of May.

Now, the metal took shelter near $1,960, below the 10-day Simple Moving Average (SMA) at $2,048.

Having said that, prices could test the low made in the previous week at $1,939 on Tuesday.

Palladium weekly chart

Any downtick in the Moving Average Convergence Divergence (MACD) would amplify the selling pressure toward the levels last seen in July 2020 around $1,900.

Alternatively, if price reverses the direction, it could coil back towards the previous session’s high at $2,041 followed by the $2,080 horizontal resistance level.

Next, the bulls would attempt a retest of the $2,100 psychological level.