XPD/USD teases five-month-old resistance around $2,400

Palladium struggles to extend the strongest gains in 15 months.
Bearish MACD, sustained trading below 200-DMA keep sellers hopeful.
Yearly bottom adds to the downside filters below the latest swing low.

Palladium (XPD/USD) consolidates the previous day’s heavy upside, the biggest since May 2020, near $2,395 as European traders await Tuesday’s bell.

The precious metal jumped from the lowest since January on Monday but couldn’t cross the previous support line stretched from late March.

The failure to cross the key resistance line, previous support, joins bearish MACD and the commodity’s sustained trading below 200-DMA to favor the sellers.

Hence, pullback moves toward the $2,300 threshold and March’s low near $2,275 becomes more likely.

However, the latest lows near $2,260 and the yearly bottom surrounding $2,195 will challenge XPD/USD bears afterward.

Meanwhile, a daily closing beyond the stated resistance line near $2,410 will need to cross June’s low of $2,461 before targeting the 200-DMA level around $2,575-80.

It’s worth noting that the monthly top surrounding $2,685 adds to the upside filters past $2,580.