• Palladium reversed from resistance zone
• Likely to fall to support level 1850.00
Palladium recently reversed down from the resistance area located between the key resistance level 2070.00 (which stopped the previous minor correction (iv) in the middle of September, as can be seen from the daily Palladium chart below) and the 38.2% Fibonacci correction of the previous sharp downward impulse from the start of September. The downward reversal from this resistance area started the active short-term impulse wave c of wave C from the start of July.
Given the clear multi-month downtrend and the deterioration of the risk sentiment as seen across the commodities markets today, Palladium can be expected to fall further toward the next support level 1850.00 (low of the previous minor impulse wave (iii)).