Palladium Price Analysis: XPD/USD rebound remains elusive beyond $2,200

• Palladium prices consolidate the biggest daily loss since November, retreats from intraday high of late.
• Weekly horizontal support, two-month-long rising trend line challenges bears.
• Key SMAs, monthly resistance line test buyers amid bearish MACD signals.

Palladium (XPD/USD) pares intraday gains around $2,245, up 0.70% on a day heading into Wednesday’s European session.

The bullion dropped the most since late November the previous day before bouncing off $2,210.

The recovery moves, however, remain below important moving averages and descending trend line from January 31 amid bearish MACD signals, which in turn keeps sellers hopeful.

Though, lows marked since February 07, around $2,195, will restrict short-term declines of the metal. Should the quote drops below $2,195, an ascending support line from mid-December 2021, close to $2,155, will be critical to watch.

Meanwhile, 50-SMA and 100-SMA, respectively around $2,270 and $2,305, restrict the short-term upside of the XPD/USD.

Following that, the stated short-term resistance line near $2,350 will challenge palladium buyers ahead of directing them to the January peak close to $2,415.

XPD/USD: Four-hour chart

Trend: Pullback expected