• Palladium reversed from resistance zone
• Likely to fall to support level 1700.00
Palladium recently reversed down from the resistance zone located between the key resistance level 1853.00 (formers strong support from September and October) and the 38.25 Fibonacci correction of the downward impulse wave 1 from the middle of November. The downward reversal from this resistance zone started the active short-term impulse wave 3.
Given the clear daily downtrend, Palladium can be expected to fall further toward the next round support level 1700.00 (which stopped the previous short-term impulse wave 1 at the end of November).