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Palladium Price: Bullish Move Could be Nearing its Final Stage

Palladium Price: Bullish Move Could be Nearing its Final Stage

2019-06-21 15:00:00
Mahmoud Alkudsi, Market Analyst
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Palladium Price Forecast

  • Palladium charts and analysis.
  • Palladium price at its highest level in nearly three months.

Did we get it right with our various forecasts? Find out more for free from our Q2 USD and main currencies forecasts

Palladium Price – Trading Higher

On June 14 bullish momentum pressed Palladium higher sending the price to trade its highest levels since late April. On June 20 Palladium spiked and printed $1,534.9 – its highest level in nearly three months.

On June 17 the Relative Strength Index (RSI) rebounded from 70 and remained in the overbought territory highlighting the buyers are still in charge.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

Palladium DAILY PRICE CHART (Mar 14, 2019 – JUn 21, 2019) Zoomed In

Palladium price daily chart 21-06-19 Zoomed in

Palladium DAILY PRICE CHART (JUN 4, 2017 – JUn 21, 2019) Zoomed OUT

Palladium price daily chart 21-06-19 Zoomed Out

Looking at the daily chart we notice Palladium movement on June 18 to the higher trading zone $1,468.2 - $1,507.0. Therefore, a close above the high end of this zone could rally the price towards $1,616.3 contingent on clearing the zone and the weekly resistance highlighted on the chart.

A failure in closing above $1,507.0 could send the price towards the low end of the trading zone. If Palladium closes below $1,468.2 it could press the price even lower towards $1,375. However, the weekly and daily support levels underlined on the chart should be kept in focus.

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Palladium Four-HOUR PRICE CHART (May 22, 2019- JUN 21, 2019)

Palladium price 4Hour chart 21-06-19

Looking at the four-hour chart we notice Palladium the upward trend started on June 5 continues creating higher highs and lower highs however, with lower impulse. Therefore, if the uptrend continues losing momentum then any break below $1,468.2 could see Palladium trading towards the zone from the June 17 low at $1,447.3 to the June 14 low at $1,444.1. See the chart to find out where the price might find support and the key levels if the selloff continues beyond mentioned zone.

In turn, if Palladium breaks and remains above the uptrend line originated from the June 13 low at $1,406.2 this could rally the price towards $1,550. However, the weekly resistance zone highlighted on the chart should be watched closely.

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.

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