Palladium continues to look perky as returned to the point of breakout and is now to head higher again. According to Axel Rudolph, Senior FICC Technical Analyst, the precious metal targets the 2878.04 all-time high.
“Palladium did a return to point of breakout, close to the November and January highs at 2516.51/2511.03, before heading back up again.”
“Since the decline from the current March high at 2758.00 looks corrective and can be subdivided into three smaller waves a, b and c, we expect the current advance to rise above the 2758.00 high towards the 2020 peak and all-time high at 2878.04.”
“Only an unexpected slip below the 2491.10 February high would make us re-evaluate our bullish view and may lead to further sideways trading around the 2278.99 March low and above the September-to-January lows at 2202.99/2184.67 to be witnessed.”