PALLADIUM, Trading Near A-T-H, Targets Ahead When Confirmed!

Hello Traders Investors And Community, welcome to this analysis where we are going to look at palladium, its price-action, and what we can expect from the future hours and days. It is one of the important metals and therefore a demanded exchange good in today's global economy. In my observations, I found some important and significant signs which will affect the price further and determine its outcome, therefore we are looking on the locally 4-hour timeframe.

As you can see in my chart palladium currently trades in a huge triangle which you can see marked in blue in my chart in which we have good bullish volatility and support at the moment which indicates a highly possible breakout to the upside as you can see the arrows marked in my chart. At the moment the bullish scenario is more likely because we have strong support in the range and has some good bullish volume but also we are still trading in a big correction that isn't completed yet.

After the triangle has confirmed properly we can expect palladium to test its higher levels, firstly it will be the middle line of the channel as you can see it in my chart when the price and trend stay stable in this region we can expect palladium to move higher at least testing the higher boundary of the uptrend channel and the all-time-high, as you can see the all-time-high is just slightly below the overall triangle target when this target is finally reached it can provide a new all-time-high which will be extremely bullish and can catapult palladium to next highs.

Remember that this scenario has to be confirmed properly, first we have to break the upper boundary with good volatility and close above the 600 and 800-EMA which you can see marked in my chart in light and dark blue. To wait on the right confirmation is the best option wise traders can do in today's market environment, otherwise, trading half-cooked and speculative setups can lead to unsatisfying results therefore it is important to always look and trade the best possible setups which today's market environment can provide to us.

Thanks to everybody for watching, support for more market insight, and all the best!
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In this manner: FAREWELL

Information provided is only educational and should not be used to take action in the markets.

Comment:

ANALYSIS UPDATE: PALLADIUM completed the triangle breakout with strong volatility to reach the target zones.