Palladium price is up for the 3rd day in a row, notching up gains of 0.44% on Monday as the price continues the march to retake the price target set by Commerzbank on 26 May.
Commerzbank analysts had predicted a resumption of the uptrend, with a price target of $3200. The palladium price prediction is for the metal to continue to do just that. However, key resistance barriers to this move remain at the $2,800 price level and the $2,875 price area.
The recovery predicted in last week’s piece on palladium is playing out as expected, following the termination of the corrective decline at 2726.50. The push towards 2875.25 is on, and this could be the initial target for bulls before a continuation of the advance takes palladium prices to 2900.00. Above this level, 2940.65 serves as the intervening pitstop before a retest of the 3000.00 price resistance.
On the other hand, rejection at 2875.25 makes for yet another lower high, indicating that the bull trend has stalled. Such a pullback could target 2800.00 initially, with 2752.21 and 2700.50 serving as additional targets to the south. Attainment of the latter may allow for a deeper correction, targeting 2649.40 (23 March and 8 April lows).
