Palladium 23 Points To Breakout!Palladium should not be ignored even if there are strong moves happening in other markets because this
commodity has the potential to trend well long-term.
The trend between January 2016 and February 2020 saw a 542% move to the upside allowing for the
accumulation of simple profits during that period.
As expected, price went into consolidation following such a strong move but within this consolidation
period, price has slowly been climbing its way back up.
On the weekly chart shown, we can clearly see that price has been using the 50 simple moving average
as support to assist it in climbing higher.
This week price came close to breaking out above the all-time high at $2875 by just 23 points, so there
is good progress since our last post.
If price eventually breaks out, we anticipate a strong trend in the direction of the breakout. We will
also need to wait for a break and close above the $3000 round number which is a psychological level of
support/resistance. Patience for now as we await that breakout.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
