Palladium Wave Analysis 7 January, 2021

• Palladium reversed from multi-month resistance level 2500.00

• Likely to fall to support level 2377,00

Palladium earlier reversed down from the key multi-month resistance level 2500.00 (which has been reversing the price from the stat of October) standing well above the lower daily Bollinger Band.

The downward reversal from the resistance level 2500.00 stopped the previous impulse wave 3.

Given the clear bearish divergence on the daily RSI indicator – Palladium is expected to fall further toward the next support level 2377,00.