Nataly Kambur
⬤ Palladium is holding steady near the upper edge of a rising wedge pattern around $2,070, taking a breather after climbing for several months. The latest trading session formed a doji candle, showing the market is pausing to digest recent gains rather than reversing course.
⬤ Looking at the daily chart, palladium has been following a clean uptrend with higher highs and higher lows staying in place. Each time price dipped to the rising support line, buyers stepped in with hammer candles showing solid demand. Right now, the metal is testing overhead resistance at the wedge's upper boundary.
⬤ Even though palladium is knocking on resistance, there's no real selling pressure showing up. The absence of strong rejections here tells us sellers haven't taken control back. Instead, we're seeing consolidation within the existing trend, with the doji candle reflecting hesitation rather than weakness since price remains above key support levels.
⬤ What's happening now matters because it shows how the market handles a rest period after a strong rally. This consolidation near resistance could set up the next move while keeping the broader uptrend alive. As long as price stays within the rising wedge without breaking down, the bullish setup remains valid.
Nataly Kambur
