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- Palladium price to alleviate upside pressure on a dip below 2904 - Commerzbank
Palladium price to alleviate upside pressure on a dip below 2904 - Commerzbank
FXStreet reports that palladium (XPD/USD) continues to hold over the 20-day moving average at 2904 and maintains an upside bias while above here. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, suggests that target zone 3028/53 remains.
“Palladium is consolidating below the new high at 3020. It remains in our target zone. We have no fewer than 3 point and figure targets in the 3028-3053 target zone. We would again tighten up stops as we are concerned that a move higher will not be sustained.”
“Dips lower have already held over the 20-day ma at 2904, however, and only a close below here will negate upside pressure for now. Failure here will shift attention back to the 2758 mid-March high.”
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