Palladium's consolidation is viewed as bullish – Commerzbank

Palladium has peaked at 2758 and is consolidating recent gains. Dips will ideally hold over the 2516 top of the previous range for another upside attempt, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Key quotes

“The market has peaked at 2758 and is easing lower, the top of the previous range at 2516 is likely to now act as support ahead of the 200-day ma at 2384.”  

“A slide back to and recovery from the 2516 vicinity would be regarded as a return to point of break out and be extremely bullish.” 

“Key support is offered by the uptrend at 2217 and the September low at 2185.” 

“Above 2758 will target the 2878 2020 peak. Above here lies the psychological resistance at 3000, but our Fibonacci extensions are implying scope to 3597/3633.”