Palladium peaks at 2758 and looks likely to consolidate recent gains – Commerzbank

Palladium’s move looks over-extended, and economists at Commerzbank would allow for consolidation here also ahead of any further upside attempt.

Key quotes

“The market has peaked at 2758 and is easing lower, the top of the previous range at 2516 is likely to now act as support ahead of the 200-day ma at 2380.” 

“Key support is offered by the uptrend at 2215.”

“Above 2758 will target the 2878 2020 peak. Above here lies the psychological resistance at 3000, but our Fibonacci extensions are implying scope to 3597/3633.”