• Palladium reversed from support zone
• Likely to rise to resistance level 2700.00
Palladium recently reversed up from the support zone lying between the key support level 2500.00 (former resistance from November and January), lower daily Bollinger Band and the 61.8% Fibonacci correction of the sharp upward impulse from March. The upward reversal form this support zone stopped the previous sharp downward impulse wave (C) from the start of June.
Given the prevailing daily uptrend and the improvement of the risk sentiment across the commodities markets today – Palladium can be expected to rise further toward the next resistance level 2700.00 (former support from May – which stopped the previous correction (A)).