Palladium Slowing Down at $2,000!
If price can climb another 60 points and go beyond the $2,000 mark then it would be creating new
record highs for this commodity, which in 2016 was only priced as low as $454.
It has travelled some way since then to where it is now and that journey has not been the smoothest.
After the smooth linear trend from August 2018 to March 2019, price took a turn and went
into consolidation. The sideways movement continued like that for 6 months before the trend resumed.
What traders have to realise is that a period of consolidation does not write off a trade and
quite often just indicates exhaustion in the market before momentum kicks back in and we see a trend continuation.
The last pullback was held and pushed back up by the 50sma, which also pushed price through
the previous resistance at $1,823. We will have to see if that same momentum will push price
through the $2,000 psychological round number and beyond.
We will share updates if and when we see new all-time highs created.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
record highs for this commodity, which in 2016 was only priced as low as $454.
It has travelled some way since then to where it is now and that journey has not been the smoothest.
After the smooth linear trend from August 2018 to March 2019, price took a turn and went
into consolidation. The sideways movement continued like that for 6 months before the trend resumed.
What traders have to realise is that a period of consolidation does not write off a trade and
quite often just indicates exhaustion in the market before momentum kicks back in and we see a trend continuation.
The last pullback was held and pushed back up by the 50sma, which also pushed price through
the previous resistance at $1,823. We will have to see if that same momentum will push price
through the $2,000 psychological round number and beyond.
We will share updates if and when we see new all-time highs created.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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