Palladium reversed up from support area

• Palladium reversed up from support area
• Further gains are likely

Palladium recently reversed up from the support area lying between the key support level 1100.00, spport trendline of the daily up channel from September, 50-day moving average and the 61.8% Fibonacci correction of the previous upward impulse 1 from the end of October.

The upward reversal from this support level continues the short-term (c)-wave of the active short-term ABC correction 2 from the middle of November.

Palladium is expected to rise further and re-test the resistance level 1160.00 (top of the previous impulse wave 1).