Since August last year, Palladium had strong bullish momentum. It retraced to 31.8% Fibonacci on March and traded sideways after finding support on June. On Thursday it posted limited gains as investors widely took "a wait and see" approach. Upcoming summit off global leaders will decide investors on future moves. Based on current trade optimism, the truce between the two largest economies could underpin commodity to March peak around the 1600 level. Strong support is found on 38.2% Fibonacci near 1300 level.
Note
The commodity hit more than a three-month high. Besides the trade truce ongoing between the US and China and the Fed chair Powell dovishness, the support for the palladium came after the Chevron Phillips Chemical made an $8 billion deal to develop a petrochemical plant in Qatar. According to the RSI the commodity is moving in an overbought area. We could expect the price to hold steady hovering around the 1600 level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.