• Palladium reversed from long-term resistance level 2500,00
• Likely to fall to support level 2330,00

Palladium recently reversed down from the major long-term resistance level 2500,00 (which has been reversing this instrument from March of 2020 – as can be seen from the daily Palladium chart below), intersecting with the upper daily Bollinger Band. The downward reversal from the resistance level 2500,00 stopped the previous multi-month upward impulse sequence (C) from June of last year.

Given the strength of the aforementioned resistance level 2500,00 and the reduction in risk appetite across the global commodities markets –  Palladium is expected to fall further toward the next support level 2330,00 (target price for the completion of their active impulse wave (i)).