Palladium technical analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Palladium saw a rally of over 40%, has now entered a corrective phase. After peaking at the 1355.14 resistance level, the price has pulled back and broken below its short-term 24-day moving average, which is a sign of weakening bullish momentum. However, the major underlying trend remains bullish, as the price is still well above its 100-day moving average.



Currently, the price is testing a critical support zone around the 1200.00 level. The market's next direction likely hinges on this support. If buyers can defend this area, a period of consolidation could set up the next attempt to rally toward the recent highs. But if this support fails, a deeper correction towards the next major support level at 1104.00 becomes likely..
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