• Palladium reversed from support zone
• Likely to rise to resistance level 2200.00
Palladium continues to rise after the price reversed up from the combined support zone located between the major round support level 2000.00, lower daily Bollinger Band and the lower trendline of the wide weekly down channel from the start of July, as can be seen from the daily Palladium chart below. The upward reversal from this support zone stopped the previous minor impulse waves (v) and C.
Given the strength of the aforementioned support zone, oversold daily Stochastic and improvement in risk sentiment seen across the precious metal markets today – Palladium can be expected to rise further toward the next major resistance level 2200.00 (former multi-month support level from September of 2020).