Palladium Down 9%
Palladium is currently taking a dive, and something similar is happening with Gold and
Silver right now. The news is likely fueling this and the decline could be short-lived.
In April of this year, price had broken out and created a new record high at $3017, hitting
the $3000 round number. This psychological level of resistance created an obstacle for
price and forced price down.
This week, we see a strong bearish move with the next level of support based on this
timeframe being the 50 simple moving average.
Price has used this indicator as support several times in this stock’s history, so this is the
obvious level that price may gravitate towards.
Palladium has been making good progress since the 47% decline during the 2020 global
pandemic, and this is just another bump in the road that price will need to navigate around.
Patience for now as we wait to see how far price will drop and what price will decide
to do once it finds support.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
Silver right now. The news is likely fueling this and the decline could be short-lived.
In April of this year, price had broken out and created a new record high at $3017, hitting
the $3000 round number. This psychological level of resistance created an obstacle for
price and forced price down.
This week, we see a strong bearish move with the next level of support based on this
timeframe being the 50 simple moving average.
Price has used this indicator as support several times in this stock’s history, so this is the
obvious level that price may gravitate towards.
Palladium has been making good progress since the 47% decline during the 2020 global
pandemic, and this is just another bump in the road that price will need to navigate around.
Patience for now as we wait to see how far price will drop and what price will decide
to do once it finds support.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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