PALLADIUM has been struggling as of late, dropping below the $900 per ounce area and reaching the lowest level since mid-February 2024. Precious metal has been a much weaker performer in recent months compared to GOLD or SILVER, which climbed to multi-year or all-time highs.
Taking a look at PALLADIUM chart at H4 interval, we can see that the price slumped around 10% since the beginning of June, but declines have been halted in the $865 per ounce area and precious metal began to recover. Strong gains can be observed today with price jumping almost 2.5% at press time. A break above the 50-period moving average (green line), which acted as the moving trendline, has been delivered today and now the price is testing resistance zone ranging between $900 mark and 23.6% retracement of the downward impulse launched on May 21, 2024. A break above this resistance would pave the way for a potential test of the next resistance zone in line, which is marked with the 38.2% retracement in the $930 area. However, the first attempt at breaking above the $900 hurdle today turned out to be a failure and the stock pulled back from daily highs (orange circle).
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Source: xStation5
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