⬤ Palladium hit a crucial turning point this week, forming a spinning top candle just beneath the 50-day exponential moving average while respecting an upward-sloping support line. This pattern showed strong activity from both buyers and sellers, with neither side taking firm control. The setup marked an important decision zone for the metal after recent price swings.
⬤ The first attempts at a bullish reversal ran into resistance. Palladium couldn't push above the spinning top's high or reclaim the 50-day average, suggesting sellers were still active near these levels. Despite some intraday strength, the metal remained trapped within its established technical range, showing that overhead supply was keeping a lid on gains.
⬤ Things changed in the latest session when buyers finally gained traction and established a short-term low. The metal continues trading within a broadening wedge pattern on the daily chart—a formation that typically signals increasing volatility. What's encouraging is that dips have been met with buying rather than aggressive selling, pointing to healthy price action despite the wide swings.
⬤ Palladium's ability to defend rising support while keeping bullish pressure intact matters for the wider metals space. The fact that pullbacks keep getting absorbed suggests there's real demand underneath, even with all the volatility. As long as these key support zones hold, the current setup looks more like consolidation within an uptrend than any meaningful breakdown.
