Palladium Price: Bullish Momentum Pressing Towards April’s High
Palladium Price Forecast
- Palladium charts and analysis.
- Palladium price trading higher.
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Palladium Price Takes off
On May 22, Palladium price corrected higher after carving out a higher low at $1.299.0 On May 30 the price leaned even higher creating a higher high at $1,380.5. The price created another lower high on June 3 showing clear intentions from the bulls to take charge.
On June 6, the Relative Strength Index (RSI) crossed above 50 starting a bullish momentum.
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Palladium DAILY PRICE CHART (Mar 7, 2019 – JUn 13, 2019) Zoomed In
Palladium DAILY PRICE CHART (JUN 4, 2018 – JUn 13, 2019) Zoomed OUT
Looking at the daily chart we notice Palladium on Jun 10 closed above $1,375.0 eying a rally towards the April 26 high at $1,468.2. Therefore, any close above this high could mean more bullishness towards $ 1,507.0. However, the daily resistance at $1,500.0 is worth monitoring.
On the flipside, if Palladium fails to close above $1,468.2 this could send the price lower towards $1,375.0. Although, the daily supports at 23.6% Fibonacci retracement at $1,430 and $1,395.6 should be monitored.
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Palladium Four-HOUR PRICE CHART (May 28, 2019- JUN 13, 2019)
Looking at the four- hour chart we notice Palladium started upward trend on Jun 5 creating higher highs and higher lows. On June 11 the uptrend started to accelerate craving out steeper higher lows emphasizing the strength of the bullish move.
A break above the daily resistance at $1,450.8 may lead the price to test the 26 of April peak at $1468.2. Although, the daily resistance at $1458.0 should be kept in focus.
On the other hand, any break below $1,406.0 could send the price towards $1,388.1 (the June 12 low). However, the daily support level at $1,394 need to be watched closely. See the chart for the key levels if the price trades below the June 12 low.
Written By: Mahmoud Alkudsi
Please feel free to contact me on Twitter: @Malkudsi
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.