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Palladium showing signs of life

Kitco Media
By Rajan Dhall
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Updated
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(Kitco News) - Palladium is trading 2.69% higher on Thursday and looks to be moving in a nice trend on the 4-hour chart below. The price has been using the grey uptrend line as support and the price is now heading to some critical areas.

The volume profile indicator is showing the volume point of control at just above $2000/oz. This is a significant resistance zone and has been used on the chart on multiple occasions. Beyond that, there is a resistance at the blue zone near $2090/oz.

On the downside, the zone marked in red is the next support at around $1880/oz. The consolidation low stands at $1786.50/oz. At the moment the bulls are in charge of this market in the medium-term time frame. Longer-term there has been a lot of downward pressure but a break of the aforementioned resistance zones could change that.

Kitco Media

Rajan Dhall

Rajan Dhall is a financial analyst that has been in the trading industry since 2009. From working in Canary Wharf (London) as a head trader to becoming a journalist on a real-time news desk, Rajan has worked his way through many positions in the financial sector. The main area of Raj's expertise lies in technical and statistical analysis. Rajan currently lectures technical analysis with the Society of Technical Analysts (STA) at the London School of Economics. One of the main areas Rajan has based his analysis on is probability. Raj completed his certification (probability) with Harvard and regularly uses probability theories in his analysis as he feels it helps him add value to his clients and customers.

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