Palladium Analysis 05 November, 2020
November 05, 2020 @ 18:46 +03:00
• Palladium rising inside impulse wave 3
• Likely to rise to 2435.00 and 2490.00
Palladium continues to rise inside the sharp upward impulse wave 3, which started earlier from the support zone lying between the support level 2200.00 (monthly low from September) and the lower daily Bollinger Band.
This support zone was further strengthened by the 50% Fibonacci retracement of the previous sharp extended upward impulse from June.
Palladium is likely to rise further toward the next resistance level 2435.00 (top of wave (b) from last month) – the breakout of which will open the way for further gains toward 2490.00 (monthly high from October).