Palladium, which hit an all-time high of $3433 in March 2022, has since experienced a major downturn, plunging below the $3000 support level and losing 34% of its peak value by the end of that month.
The downward trend persisted throughout 2022, breaching the critical $2000 level in October.
A significant bearish move in February 2023 further pushed the price below the $1543 support level from December 2021, turning it into a formidable resistance level.
This has led to a further drop to a four-year low of $1305.
Now, with a total decline of over 58% from its all-time high, palladium may continue to fall towards the $1000 mark unless buying sentiment changes.
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The downward trend persisted throughout 2022, breaching the critical $2000 level in October.
A significant bearish move in February 2023 further pushed the price below the $1543 support level from December 2021, turning it into a formidable resistance level.
This has led to a further drop to a four-year low of $1305.
Now, with a total decline of over 58% from its all-time high, palladium may continue to fall towards the $1000 mark unless buying sentiment changes.
If you enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
