The 1W chart is on a neutral state ( = 53.141, = 105.160, = 39.528) as it has recovered 50% of the March sell-off, however the danger is far from over. Until the 2,900 High breaks, Palladium ( XPDUSD ) will most likely remain under selling pressure and the Higher Low (red line) which has been supporting the 4 year uptrend may be tested. This test involves the 1W MA200 (orange line) both of which (HL and MA200) can 'meet' on the 0.618 (of the whole 4 year move). This (0.618 Fib) is at 1,390. If that breaks to then the next Support and potential sell target will be on the 0.786 Fib at 980 where Palladium can again start looking like a strong investment.
Keep in mind that we have been strong Palladium supporters for quite some time:
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