Palladium: ⬇️ Sell

– Palladium reversed from long-term resistance level 1600.00

– Likely to fall to support level 1500.00

Palladium recently reversed down from the long-term resistance level 1600.00 (former strong support from 2020 and 2021, acting as resistance after it was broken at the start of 2023, as can be seen below).

The resistance level 1600.00 was strengthened by the upper weekly Bollinger Band and by the 50% Fibonacci correction of the weekly downtrend from the end of 2022.

Given the long-term downtrend, Palladium can be expected to fall to the next round support level 1500.00.