Palladium Price Analysis: XPD/USD bulls remain hopeful whilst above 21-SMA

• XPD/USD looks to retest an all-time-highs, as buyers return on Friday.

• Palladium keeps its range within a rising wedge on the 4H chart.
• Upside bias remains intact while the bulls hold above 21-SMA.

Palladium (XPD/USD) is making another run towards the $2,900 mark, having recaptured the $2,850 level after Thursday’s correction.

Price of Palladium

The XPD bulls found solid support at the upward-sloping 21-simple moving average (SMA) at $2,822 on the four-hour chart.

The Relative Strength Index (RSI) inches higher above the central line, suggesting that there is more scope to the upside.

Therefore, a test of the record highs of $2,897 remains on the cards. The $2,900 round number could offer immediate resistance.

 Further up, the rising wedge hurdle at $2,924 could challenge the bullish commitments.

Palladium price chart: Four-hour

The upside momentum could get negated if the price closes the four-hour candlestick below the 21-SMA support.

The next relevant support is seen at the wedge lower boundary, which is at $1805.

Note that price has been ranging within a rising wedge formation since the start of this month.