Palladium has been rising non-stop for 4 years (since January 2016), a rise that after 2019 turned parabolic. This parabola has broken down this March as the pull back exceeded the 0.382 Fibonacci level that has been holding in the previous two cyclical pull backs (August 2018 and May 2019).
The 1W chart is on a neutral state (RSI = 53.141, MACD = 105.160, ADX = 39.528) as it has recovered 50% of the March sell-off, however the danger is far from over. Until the 2,900 High breaks, Palladium (XPDUSD) will most likely remain under selling pressure and the Higher Low trend line (red line) which has been supporting the 4 year uptrend may be tested. This test involves the 1W MA200 (orange line) both of which (HL trend line and MA200) can 'meet' on the 0.618 Fibonacci retracement (of the whole 4 year move). This (0.618 Fib) is at 1,390. If that breaks to then the next Support and potential sell target will be on the 0.786 Fib at 980 where Palladium can again start looking like a strong investment.
Keep in mind that we have been strong Palladium supporters for quite some time:
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The 1W chart is on a neutral state (RSI = 53.141, MACD = 105.160, ADX = 39.528) as it has recovered 50% of the March sell-off, however the danger is far from over. Until the 2,900 High breaks, Palladium (XPDUSD) will most likely remain under selling pressure and the Higher Low trend line (red line) which has been supporting the 4 year uptrend may be tested. This test involves the 1W MA200 (orange line) both of which (HL trend line and MA200) can 'meet' on the 0.618 Fibonacci retracement (of the whole 4 year move). This (0.618 Fib) is at 1,390. If that breaks to then the next Support and potential sell target will be on the 0.786 Fib at 980 where Palladium can again start looking like a strong investment.
Keep in mind that we have been strong Palladium supporters for quite some time:
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial