• Palladium broke key resistance level 2500.00
• Likely to test resistance level 2800.00
Palladium continues to rise sharply after the earlier breakout of the key resistance level 2500.00 (which is the upper boundary of the prolonged sideways price range inside which the price has been moving from last September – as can be seen form the daily Palladium chart below). The breakout of this sideways price range accelerated the active short-term impulse wave 3 which belongs to the longer-term upward short-term impulse (3) from the end of Januarys.
Given the prevailing uptrend that can be seen on the daily Palladium charts and the improvement in risk sentiment seen across the global commodities markets – Palladium can be expected to rise further toward the next resistance level 2800.00 (multi-month high from February of 2020 and the target for the completion of the active impulse wave 3).