Alex Borzak
⬤ Palladium caught a bid after a clean technical reversal showed up on the daily timeframe. The metal carved out a hammer candle at ascending support late last week, showing sellers got exhausted and buyers stepped in to reject the lows. This played out while palladium stayed inside a broader rising pattern that's been guiding price since late summer.
⬤ The reversal got real when the next session delivered a bullish confirmation candle, proving the pivot wasn't just noise and that buyers actually took control. Palladium kept pulling in demand after that signal, with another follow-through session backing up the upward move. Price was trading around $1,880 with a daily gain just over 1%, sitting comfortably above the rising support line.
⬤ The chart shows a wide ascending expanding wedge, and palladium's been respecting both the upper and lower boundaries. Every time price dips toward that rising support, buyers show up, while selling pressure hasn't managed to push anything deeper. Those hammer formations near support tell the same story—downside attempts are getting absorbed, not extended. As long as price holds above that rising support, the technical setup stays solid.
⬤ This matters for the metals market because it shows short-term confidence is coming back after choppy conditions. When you get hammer reversals followed by sustained bullish continuation, it usually means the trend is stabilizing rather than just bouncing temporarily. Palladium's staying inside the ascending structure, so current price action still favors the uptrend, while any pullbacks are getting contained within the bigger picture move higher.
Alex Borzak
