Palladium recently reversed up sharply from the support area lying between the key support level 1060.00 (which has been reversing the pair from the start of October) and the 38.2% Fibonacci correction of the previous sharp impulse wave from September.
The upward reversal form the aforementioned support area created the daily Japanese candlesticks reversal pattern Morning Star – which marked the start of eth active impulse wave (3).
Palladium is expected to rise further and re-test the next resistance level 1130.00 (which stopped the previous 2 sharp uptrends in January and October).
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