Palladium Price May be on Course for a Fresh All Time High
Palladium Price outlook
- Palladium charts and analysis.
- Palladium price printing its highest levels in three and a half months.
Palladium Price – Potential Uptrend Reversal
On Tuesday, Palladium continued its uptrend carving out a higher low at $1,539.8, then yesterday broke above a key resistance level at $1,581 .
The Relative Strength Index (RSI) on July 3 peaked above 70 creating a high, then yesterday created a lower high above 70 indicating to a top failure swing and signaling a possible reversal to the current upward trend.
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Palladium DAILY PRICE CHART (MAy 13, 2018 – JUL 11, 2019) Zoomed Out
Palladium DAILY PRICE CHART (April 18 – JUL 11, 2019) Zoomed In
Looking at the daily chart we notice today Palladium rebounded from the uptrend line originated from the Oct 30 -18 low at $1,068.0, although the price has printed $1,604.5 – its highest level in nearly three and a half months.
Hence, a close below $1,507.0 may press the price towards $1,468.2 although the weekly support mentioned on the chart (zoomed in) needs to be monitored.
In turn, any failure to close below $1,507 could cause a rally towards the March 21 high at $1,616.3, although; today’s high mentioned above needs to be kept in focus.
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Palladium Four-HOUR PRICE CHART (Jun 25 - JUL 11, 2019)
Looking at the four-hour chart we notice today Palladium returned to the consolidation area $1,555.6 - $1,576.0. Therefore, a break below the low end of this area may send the price towards the July 9 low at $1,539.8. See the chart to know more about the key support levels the sellers may encounter below $1,539.8.
On the other hand, Palladium rebounded today from $1,604.5, hence; a break above this threshold could send the price towards the March 21 high at $1,616.0.
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.