On daily chart of palladium we can observe a strong upward trend. There is strong demand pressure on this metal. For a long period of time, we see the daily candles closed above the previous candle maxima. Currently we can see correction of recent increases. The price is in support area at $ 785. It is worth to look at the chart for a lower time interval.

Today’s session was characterized by a bearish trend. The price was around 785 USD. The confluence for this area is 38.2% of the FIBO abolition. Currently there is a demand side response during the test of support level. Closing the gap would increase probability of further increases. Lack of demand pressure and falling below today’s minimum may lead to a higher correction.

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