Palladium Technical Analysis: Lower levels back in focus
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(Kitco News) - Palladium continues to struggle even as some of the other precious metals have moved a leg higher. The highlighted orange area on the chart shows the $2000/oz area which the bulls failed to test in this most recent price move. Elsewhere on the upside, the $2205/oz level looks pretty firm with around seven tests on this chart alone. Lastly, there is also a trendline resistance that could act as a ticky zone. The downward diagonal sloping line which originated on 13th July 2021 has now been tested for the 3rd time and looks strong.
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On the downside, the price could move to the wave low marked in green at $1535/oz. This area was a significant pivot area back in March 2020 on the far left of the chart. Another thing to mention is the real low volume on the histogram at the bottom. There has been a distinct lack of interest in the Palladium futures contract especially as the price rose to test $2000/oz. Also, the volume seems to pick up on the down moves which is a sign that the market is backing lower levels for now.