Palladium Slowly Waiting For A Break!Palladium failed to hit the $3000 mark during the bull run that ended in early 2020. Price created an
all-time high at $2875, which occurred just before the peak of the global pandemic and was followed
by a decline.
The 50 simple moving average on the weekly timeframe was there to cushion the sharp fall and has
been acting as a ladder ever since, slowly helping price to creep back towards the all-time high.
The previous trend ran from June 2016 to February 2020, going from $454 to $2875, which was a
rise of 540%. After such a big move in a long-term trend, it is no surprise that price is consolidating
as it has now run out of steam.
We can not sleep on Palladium because it has the potential to trend again once we have a breakout.
And usually, when price consolidates for a long period of time, we can expect to see a strong move
in the direction of the breakout. Hence, we need to ensure that we remain ready for any opportunity
that presents itself.
As for now, we need to wait patiently until that breakout occurs and avoid jumping in too hastily.
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
