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Palladium (XPD/USD) is underpinned by the 20-day moving average at 2645. In the view of Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, the white metal targets the 2878.04 all-time high.

November and January highs are found at 2516.51/2511.03

“Palladium recently based close to the November and January highs at 2516.51/2511.03, before heading back up again. The market is further underpinned by the 20-day ma at 2645 and we favour further upside attempts.”  

“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.”