• Palladium broke the key support level 1725.00
• Likely to fall toward the round support level 1600.00
Palladium continues to fall after the price broke through the key support level 1725.00 (which stopped the previous sharp downward impulse wave 1 at the end of November). The breakout of the support level 1725.00 accelerated the active minor impulse wave 3– which belongs to the higher order downward impulse wave (3) from the middle of November.
Given strong daily downtrend and the widespread deterioration of the risk sentiment as seen across the global commodities markets today, Palladium can be expected to fall further toward the next round support level 1600.00.