Palladium has already established a top earlier in 2021. Looking ahead, strategists at Credit Suisse expect XPD/USD to extend its leg lower.
XPD/USD downtrend reinforced
“Palladium already completed a top in September following its break below the $2,203 January low and has now recently also removed its key uptrend from 2016 and 200-week average to further reinforce the downtrend.”
“We stay negative with support seen next at the 2020 low at $1,495, then the 61.8% retracement of the 2016/2021 bull trend at $1,432. Whilst we would look for this latter level to hold at first, a break can see support next at $1,268.”