Palladium showing signs of life

NEW YORK (July 7)  Palladium is trading 2.69% higher on Thursday and looks to be moving in a nice trend on the 4-hour chart below. The price has been using the grey uptrend line as support and the price is now heading to some critical areas.

The volume profile indicator is showing the volume point of control at just above $2000/oz. This is a significant resistance zone and has been used on the chart on multiple occasions. Beyond that, there is a resistance at the blue zone near $2090/oz.

On the downside, the zone marked in red is the next support at around $1880/oz. The consolidation low stands at $1786.50/oz. At the moment the bulls are in charge of this market in the medium-term time frame. Longer-term there has been a lot of downward pressure but a break of the aforementioned resistance zones could change that.

KITCO