Palladium Price Forecast: Upward Move May be Facing a Key Resistance
Palladium Price outlook
- Palladium charts and analysis.
- Palladium price testing its highest levels in over three months.
Palladium Price – The Buyers Still in Charge
Yesterday, Palladium rebounded nearby the June 28 high at $1,567.2. Today the price continued to rally overtaking mentioned high and printing its highest level in over three months.
Although, the Relative Strength Index (RSI) rebounded from the end of the overbought territory several times and remained above 70 indicating that the buyers have not relinquish control yet.
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Palladium DAILY PRICE CHART (Mar 24, 2019 – JUL 3, 2019) Zoomed Out
Palladium DAILY PRICE CHART (MaR 28 – JUL 3, 2019) Zoomed In
Looking at the daily chart we notice Palladium is eyeing the test of the March 26 high at $1,581.3. Therefore, a close above this high may see the price trading towards the March 21 high at $1,616.3. However, the $1,600.0 handle could form a psychological level of resistance.
On the other hand, any break below $1,507.0 may press the price even lower towards $1,468.2. Similarly, the $1,500.0 handle could form a psychological level of support.
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Palladium Four-HOUR PRICE CHART (Jun 15 - JUL 3, 2019)
Looking at the four-hour chart we notice Palladium’s uptrend corrected lower on July 1 creating a lower high at $1,559.4. Yesterday the price continued creating higher lows nonetheless, closing with a series of Doji patterns and indicating the upward momentum might be at its final stage.
Therefore, a break below the July 2 low at $1,543.7 may see the price even lower towards the vicinity at $1,520.6 - $1,518.9 although the July 1 low at $1,532.9 needs to be considered. See the chart for more details about the key levels if the sell of continues below mentioned levels.
A break above the $1,581.3 may cause the price to rally towards $1,592.0 although the resistance at $1,585.0 needs to 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.