Palladium:
Our expectation: Up trend with higher highs and higher lows. Correction down to Fibo 23.6%. Price tested the horizontal and diagonal support in the zone of 822-820. It is possible that the correction is over, as we have a Price Action signal of Hammer bar at key support. SL: 825.
Alternative scenario: If the price breaks down below 825 and below the horizontal and diagonal support, this bullish view will be cancelled.
Comment: Long Trend and Bullish channel, indicator 50/200 SMA are in positive formation, as 50 is over the 200, and the price is over both SMA's. DEM indicator is still not in overbought territory, Fibo 23.6% and Hammer bar at support.
Fundamental: The USD continues to be very weak and sold off in the short term. This will support up the prices of the commodities as they are priced in USD.
Trader - S. Fuchedzhiev
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