Palladium Prints Bearish Signal at Key $950 Resistance Level

2025-12-29 11:22:02

⬤ Palladium (XPD/USD) just printed another bearish engulfing candle on the daily chart while hovering near the upper edge of a rising broadening wedge. This latest signal mirrors what we saw late last week—fresh selling pressure kicking in after a solid run higher. But here’s the thing: despite the short-term weakness, palladium’s still comfortably trading within its broader uptrend, sitting well above the support levels that have been guiding this move for months.

⬤ These bearish engulfing candles show brief waves of selling rather than any real distribution happening. Without serious downside follow-through, buyers are still controlling the narrative. Meanwhile, momentum’s taken a breather. The RSI cooled off from an overheated 75 reading last week down to around 56 now—less of a breakdown, more of a reset. Price is also holding above both the rising channel support and key moving averages, which keeps the technical picture intact for now.

⬤ If sellers actually manage to push through with follow-through, we could see a short-term swing high form, potentially triggering a controlled pullback. In that case, watch the 50-day EMA and previous structure zones where buyers stepped in before. These areas are still looking solid within the bigger trend and would likely draw fresh buying interest if tested—as long as price stays above that wedge support.

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