• Palladium broke resistance level 2330.00
• Likely to test resistance level 2500.00
Palladium continues to rise after the price broke the resistance level 2330.00 (which was set as the buy target in our earlier forecast for this precious metal) intersecting with the 38.2% Fibonacci correction of the previous sharp impulse wave C – which affected the price from the start to the end of January. The breakout of these resistance levels accelerated the active intermediate impulse wave (3) from the end of January.
Given the strong uptrend on the daily charts – Palladium can be expected to rise further toward the next resistance level 2500.00 (which stopped the previous waves (1) and B in November and January respectively).