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Silver Prices, Palladium at Bullish or Bearish Turning Points?

Silver Prices, Palladium at Bullish or Bearish Turning Points?

Dimitri Zabelin, Analyst

Silver Prices, Palladium– TALKING POINTS

  • Silver prices jump over 7 percent: will they clear the 18.117-18.218 resistance range?
  • Palladium recovery may be short lived as XPD/USD approaches all-time high
  • Capitulation from both silver and palladium could catalyze aggressive selloff

Silver Outlook

As outlined in my previous forecast, after silver prices broke above the upper bound of the 16.754-17.208 range, the precious metal jumped over four percent. However, XAG/USD is now encountering friction between the 18.117-18.218 resistance range, a zone not touched since late October/early November.

Silver Prices – Daily Chart

Chart showing Silver Prices

Silver prices chart created using TradingView

Looking ahead, if silver prices fail to clear the multi-tiered ceiling, discouraged bulls may unload their positions, leading to a selloff until support at 17.208. Conversely, a break above resistance with follow-through may be met with further upside gains until 18.615. However, it should be noted that 18.328 (gold line) may pose a short-term threat to XAG/USD’s upside gains.

Silver Prices – Daily Chart

Chart showing silver prices

Silver prices chart created using TradingView

Palladium Price Forecast

Palladium prices have recovered a little over 7.50 percent after the precious metal experienced its single biggest one-day drop since August 1 after reaching $2,000/oz for the first time. XPD/USD continues to climb towards the 1980.86-1198.00 resistance range which may be a critical moment for palladium.

Palladium – Daily Chart

Chart showing palladium prices

Palladium prices chart created using TradingView

If XPD/USD clears resistance with follow-through, it may catalyze a bullish spike if traders believe the precious metal’s trajectory remains favorable. From there, it is in uncharted territory which makes it difficult to position exactly where upside gains may encounter friction. Conversely, failing to break above the 1980.86-1998.00 zone may result in a selloff with another possible retest if support at 1823.10.

SILVER TRADING RESOURCES

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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