Palladium (XPD/USD) has reached its target zone. Karen Jones, Team Head FICC Technical Analysis Research, has a number of targets in the 3028/3053 band and if the metals fails here, a retracement to the 20-day moving average at 2834 would be feasible.
“Palladium reached new all-time highs at 3020. It is now in our target zone. We have no fewer than 3 point and figure targets in the 3038-3053 target zone. Failure here will shift attention back to the 20-day ma at 2834 which guards the 2758 mid-March high. Below here lies 2524/2491.10 February high.”
“Only an unexpected slip below the 2491.10 February high would make us re-evaluate our longer-term bullish view and may lead to further sideways trading around the 2278.99 March low and above the September-to-January lows at 2202.99/2184.67.”
“Above 3053, we have very little until the 3487/3598 band.”
