Alex Borzak
⬤ Palladium broke decisively above a major descending resistance line and hasn't looked back, adding over 5% in the latest session alone. The metal's showing textbook bullish behavior—higher highs, higher lows, and buyers stepping in every time there's a dip. Price action is now approaching the upper boundary of a rising broadening wedge, a pattern that's been guiding the rally for months.
⬤ The technical setup looks clean. After clearing that descending resistance, momentum picked up noticeably, and the metal is now testing the wedge's upper edge. That zone usually acts as resistance, so some consolidation here wouldn't be surprising. But here's the thing—there's been no real selling pressure. Every pullback gets bought quickly, and support levels keep holding firm.
⬤ What stands out is how controlled this move higher has been. The candles show strong bullish bodies with minimal downside wicks, meaning sellers aren't getting much traction. The rising support structure within the wedge continues to hold, and buyers remain in charge.
⬤ For anyone watching palladium, this matters because the trend is clearly intact. Sure, we're approaching resistance, but until there's an actual rejection—not just a pause—the path forward still points up. A bit of sideways action near the top of the wedge would just be the market catching its breath after a solid run. Unless something changes structurally, bulls are still driving this train.
Alex Borzak
