Palladium has had a massive drive up in price. Previously below platinum, it's come into it's own. The market is tightly controlled by a few major players, and possible supply interruptions helping fan the bull flame.
$2000 Rejection most likely profit taking, and an outlook over $2K imminent. I am waiting to take a short position though, as a rally like this has the potential to unwind quickly, and the upside at some point will be capped.
Key points of support sit at
$1835, $1700, then $1600 in the short term.
Will also be watching RSI for a short on any overbought rallys over $2K mark in the next few weeks. Whilst keeping an eye on news of the current supply/demand fundamentals in the case of a continued rally to future gains.
$2000 Rejection most likely profit taking, and an outlook over $2K imminent. I am waiting to take a short position though, as a rally like this has the potential to unwind quickly, and the upside at some point will be capped.
Key points of support sit at
$1835, $1700, then $1600 in the short term.
Will also be watching RSI for a short on any overbought rallys over $2K mark in the next few weeks. Whilst keeping an eye on news of the current supply/demand fundamentals in the case of a continued rally to future gains.
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