Palladium is breaking out of the long-term downtrend
Technical Analysis of Palladium:
Palladium may now be in the process of establishing a bottom after a sharp decline from around USD 3,000 to today around USD 1,000.
Solid technical support has been established for Palladium around USD 850, and on the upside there is an important technical resistance level around USD 1,120.
An established break above USD 1,120 will trigger a strong technical buy signal for Palladium, which will then have the potential to initially reach USD 1,350, which will then be the next important technical resistance level.
Further up, there is an important technical resistance level around USD 1,600.
Palladium has now broken above the 50-day moving average, and is also about to break above the 200-day moving average.
The overall technical picture for Palladium now signals that a break above the important technical resistance level around USD 1,120 could come shortly.
In that case, it will trigger a strong technical buy signal for Palladium, which is then considered to have a potential of around USD 1,600 in the 3-6 month term.
Palladium may now be in the process of establishing a bottom after a sharp decline from around USD 3,000 to today around USD 1,000.
Solid technical support has been established for Palladium around USD 850, and on the upside there is an important technical resistance level around USD 1,120.
An established break above USD 1,120 will trigger a strong technical buy signal for Palladium, which will then have the potential to initially reach USD 1,350, which will then be the next important technical resistance level.
Further up, there is an important technical resistance level around USD 1,600.
Palladium has now broken above the 50-day moving average, and is also about to break above the 200-day moving average.
The overall technical picture for Palladium now signals that a break above the important technical resistance level around USD 1,120 could come shortly.
In that case, it will trigger a strong technical buy signal for Palladium, which is then considered to have a potential of around USD 1,600 in the 3-6 month term.
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