Palladium Holds Above 1397 as Bulls Target 1422 Upside

Palladium (XPDUSD) is showing mild bullish repair, holding above the key 1397 support aligned with VWAP and value-area highs. This follows UBS slashing its price forecast to $1,400/oz from $1,600/oz on expectations of a 2026 surplus after 14 years of deficits, driven by weaker autocatalyst demand, rising scrap supply, and declining ETF holdings. Johnson Matthey data had earlier shown a 416,000-ounce 2025 deficit, later revised for 2024. Technical analysts now assign a cautious +2/10 bullish score, with immediate upside tests at 1416-1422 before resistance at 1427-1429.