Palladium Price Analysis: Double bottom formation offers support near $1,890

• Palladium pares some of its previous day’s losses on Wednesday.
• Bull remains hopeful above $1,890 amid oversold MACD.
• XPD/USD has been in a continuous downward trend for the past three-month.

Palladium (XPD/USD) prints gains on Wednesday in the early European trading hours. The metal prices confide in a narrow trade band with positive bias. At the time of writing, XPD/USD is trading at $1,893.15, up 0.63% for the day.

Palladium daily chart

Technically speaking, the metal remained in medium-term downside price movement since the beginning of July. Now, the metal took shelter near $1,890 at the double bottom formation .

Having said that, the prices could test the $1,950 horizontal resistance level followed by the psychological $2,000 level. The Moving Average Convergence Divergence (MACD) holds onto the oversold zone with stretched selling conditions. Any uptick in the MACD would amplify the buying  pressure toward the $2,100 horizontal resistance zone.

Alternatively, if the prices reverse direction, they could coil back to the previous session’s low at $1,874.23 followed by the September 20 low of $1,856.54.

Palladium additional levels