Palladium makes another move below $2K kitconews gold silver investing finance metals economics mining
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- There had been some signs that the palladium price had started to recover last week. Over the last three trading sessions, the price has now tipped back into bear mode. Looking at the daily chart below there was a strong resistance at the orange line near $2192/oz. It seemed like the price hit a brick wall and is now back below the $2k/oz psychological level at $1989.50/oz.
Looking at the nearest support levels, there is a grey trendline that could stem the losses. The more likely zone is the line marked in purple at the previous wave low. Beyond that, there is another support but it is pretty far off at $1543/oz. The volume profile is suggesting $1900/oz has been pretty sticky in the past so there could be a blip there too.
On the upside for the recent resurgence to continue the market would need to see a break of the aforementioned orange line at $2192/oz. If that is to be the case then there are lots of zones to look up to namely the point of control at the red line near $2654/oz. This is the point on the chart where most contracts exchanged hands.
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