Palladium Halts After Previous Big Move
There is no surprise that Palladium has currently found weakness after hitting a round number following
a strong surge in price. With every big move, we can expect to see exhaustion in the market before
a continuation in the trend.
Price first made contact with the $2,500 round number on January 17th and has since pulled back.
The recent pattern of breakouts and trends may be over if price declines further but for now the uptrend
is still intact.
When price pulls back, we always want to look for areas of support/resistance that price may move towards.
In this case, the next obvious area of support below price is the 20sma. It was last used as support back
in December 2019 and may do the same again.
After this level, the next area of support is the previous resistance turned support which is right at the
$2,000 psychological round number but this is some distance away from where price is now.
Palladium is still priced higher than Gold and currently holding the title for the priciest precious metal
for the time being. If we do see a break and close above the current all-time high at $2,543 then we
should see further bullish moves in Palladium.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
a strong surge in price. With every big move, we can expect to see exhaustion in the market before
a continuation in the trend.
Price first made contact with the $2,500 round number on January 17th and has since pulled back.
The recent pattern of breakouts and trends may be over if price declines further but for now the uptrend
is still intact.
When price pulls back, we always want to look for areas of support/resistance that price may move towards.
In this case, the next obvious area of support below price is the 20sma. It was last used as support back
in December 2019 and may do the same again.
After this level, the next area of support is the previous resistance turned support which is right at the
$2,000 psychological round number but this is some distance away from where price is now.
Palladium is still priced higher than Gold and currently holding the title for the priciest precious metal
for the time being. If we do see a break and close above the current all-time high at $2,543 then we
should see further bullish moves in Palladium.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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