Palladium is currently trading above the key global support level at 900. Yesterday saw a decent rally followed by a pullback. The overall price action remains constructive, with higher lows forming consistently.
From a fundamental standpoint, palladium and platinum should ideally trade at parity. At present, palladium is undervalued by approximately 4% relative to platinum and considering various factors — including how the DXY is trading and the overall market sentiment — I believe palladium is likely to catch up.
I’m bullish on palladium and believe the odds of further upside are high.
From a fundamental standpoint, palladium and platinum should ideally trade at parity. At present, palladium is undervalued by approximately 4% relative to platinum and considering various factors — including how the DXY is trading and the overall market sentiment — I believe palladium is likely to catch up.
I’m bullish on palladium and believe the odds of further upside are high.
Trade active
I'm entering a long position at the current price level. The Stop Loss is set at 937.5
Trade closed: stop reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.