Palladium Tests Key Support Levels Amid Bearish Market Sentiment

Palladium prices have slumped to cycle lows, shedding 8.3% over the past month as bearish momentum dominates. The precious metal now hovers near a critical horizontal support level at $1,346, with traders watching for either a rebound or further downside.

Chart analysis reveals a series of lower highs since early 2024, when prices topped $2,000. Multiple recovery attempts in March and April met with rejection, reinforcing seller control. Market structure suggests palladium stands at an inflection point—holding current levels could stabilize prices, while failure may trigger another leg down.

Hedgeye's technical assessment describes palladium's performance as 'uninspiring,' with the bear flag pattern indicating potential continuation of the downtrend. The metal's inability to sustain rallies beyond former resistance zones underscores persistent weakness in the market.