Palladium Price: Upwards Trend May be Looking to Correct Lower
Palladium Price Forecast
- Palladium charts and analysis.
- Palladium uptrend struggles nearby $1,550 handle.
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Palladium Price – The Buyer’s Indecision
On June 25, Palladium rallied and printed $1,551.4 – its highest level in three months. The price slipped after with the buyers likely taking profits. On the following day, Palladium closed with a bearish Doji pattern suggesting the bullish move could be nearing its final stage.
Alongside, the Relative Strength Index (RSI) rebounded from 70 then remained flat highlighting the buyer’s indecision to keep on rallying the price.
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Palladium DAILY PRICE CHART (Mar 24, 2019 – JUn 27, 2019) Zoomed In
Palladium DAILY PRICE CHART (Apr 10, 2018 – JUn 27, 2019) Zoomed OUT
Looking at the daily chart we notice Palladium closed on June 24 above $1,507.0 eyeing a test of the March 26 high at $1,581.3. Therefore, a close above this high may rally the price towards the March 21 peak at $1,616.3.
In turn, a close below $1,507.0 could send the price even lower towards $1,468.2 nonetheless, the weekly support underlined on the chart needs to be considered.
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Palladium Four-HOUR PRICE CHART (Jun 11, 2019- JUN 27, 2019)
Looking at the four-hour chart we notice Palladium’s upward trend correcting lower after creating a lower high yesterday. Its also worth noting that the price might be looking to test the neckline of a double top pattern residing at $1,509.9.
If Palladium breaks and remains below the aforementioned neckline, the price could trade even lower towards the June 20 Low at $1,470.3. Although, the weekly support at $1,499.7 and the June 21 low at $1,475.2 need to be monitored. See the chart to find out more about the key levels if the selloff continues.
On the other hand, a break above the yesterday’s high at $1,544.3 could rally the price towards $1,581.3. However, the June 25 high at $1,551.4 should be kept in focus.
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.