Palladium (XPD/USD) has stabilised above the 38.2% retracement at $2706. Looking ahead, the metal is well-placed to resume its up move, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank.
Palladium is stabilising at the $2753 55-day moving average
“Palladium has been correcting lower and has sold off to the 55-day ma at $2753, where it is attempting to stabilise. It has steadied just ahead of the 38.2% retracement at $2706. We suspect that this was the end of its corrective phase and that the market is well placed to resume its up move.”
“Initial resistance is $2944 ahead of the $3020 recent high. We have several point and figure targets in the $3028-$3053 target zone.”
“Support lies $2706 and this guards $2516/11 the November and January highs and the 200-day ma at $2452.”
“Above $3053, we have very little until the $3487/3598 band.”
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