Palladium Shows Exhaustion Signals

EagleFX Team EagleFX

The price of Palladium in its 4-hour chart could be completing the upward impulsive movement that began on November 11 when it found buyers at $1,678.45 per ounce. Our arguments for expecting a selling position are as follows.

1. The precious metal may be completing a wave ((v)) labeled in black, which is forming an ending diagonal pattern. This structure of completion indicates the likelihood of a potential corrective movement. On the other hand, the US dollar index (DXY) is showing signs of upward reversal, which could drag to the Palladium's price to visit fresh lows.

2. A sell-side position will be active once the price falls and closes below $1,853 per ounce. Our conservative scenario has a bearish target at $1,813.27 per ounce.

3. If the price extends its drops, the Palladium could see new lows at $1,777.75 and $1,742.24 per ounce.

4. The scenario will be invalid if the price exceeds $1,878.31, or if the price penetrates but fails to close below $1,853 per ounce.

5. The risk of our bearish scenario could be a euphoric traders' sentiment that could be interested in boosting the price of the precious metal until the psychological $2,000 level.

Trading Plan Summary

Entry Level: $1,853.
Protective Stop: $1,878.31.
1st Profit Target: $1,813.27.
2nd Profit Target: $1,777.75.
3rd Profit Target: $1,742.24.

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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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