Palladium Wave Analysis – 19 January, 2023

   • Palladium reversed from major support level 1675.00

• Likely to rise to resistance level 1840.00

Palladium today reversed up from the major support level 1675.00 (which has been revering the price from the end of 2019, as can be seen below).

The support zone near the support level 1675.00 was strengthened by the lower weekly Bollinger Band.

Given the strength of the support level 1675.00 and the bullish sentiment seen across the precious metal markets today, Palladium can be expected to rise further toward the next resistance level 1840.00.