Palladium is currently trading at $1279 an ounce, having built a solid base over the course of the last 16 months with a low of $855 in November 2024.
The MACD-V indicator reveals a bullish divergence which became apparent from February 2024, although the current weekly picture has reached an overbought state with the 14 week relative strength index at 76%.
Expect short-term retracement towards the $1250 level before further upside momentum kicks in and puts focus on the Fibonacci 38.2% retracement level of $1678 from the low, based on the entire 855 to 3008 range traded since March 2022.
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