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Racing higher: Palladium

By Nathan Batchelor

Palladium is extremely bullish over the medium-term. Buyers may start to target large psychological numbers, such as the 2,500 and 3,000 levels.

Palladium technical analysis shows that the ongoing bullish breakout continues, with the increasingly popular metal rallying to a new all-time high.

Palladiumshows few signs of stopping, and could target large psychological numbers over medium-term.

Palladium medium-term price trend

Palladium has been looking increasingly bullish since the start of 2020, with the metal hitting a new all-time record high.

Technical analysis shows that the metal is oversold, however, in the instance of such a strong uptrend, palladium prices could continue to soar, despite being oversold on the RSI.

According to the size of the inverted head and shoulders pattern on the daily time frame, the metal has extended beyond the projected target of the pattern.

With this in mind, it is time to start looking towards large psychological numbers as potential upside targets over the medium-term.

Palladium bulls may start to target the 2,500 and even the 3,000 level as the upside is still incredibly strong in this metal, and shows few signs of stopping.

Palladium short-term price trend

Palladium analys is over the short term shows that bulls are in control while price trades above the 1,950 level.

The short-term technicals surrounding the metal are indeed very bullish, however, bearish MACD price divergence is present on the lower time frames.

The four-hour time frame shows substantial amounts of bearish price divergence extending down towards the 1,950 level.

With this in mind, it may be prudent to wait for the negative MACD divergence to be unwound before entering into the prevailing bullish trend.

Traders have been going long on any technical pullbacks, and this may be a great chance for short-term bulls to enter if a strong pullback occurs as the bearish MACD price divergence unwinds.

Palladium technical summary

Palladium analysishighlights that a major bullish breakout above the 2000.00 level is underway. Watch out for a potential technical correction due to the bearish MACD divergence on the lower time frames.

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