Let’s begin with a quick recap before today’s update:
“(…) only a successful close of that gap would open the door for buyers to revisit the recent local highs and challenge the key resistance zone between 1324 and 1363, where the upper boundary of the red declining channel is also located.(…)”
So far, the market continues to develop exactly as expected.
The above-mentioned bearish gap has been filled, and buyers once again challenged the key resistance zone between 1324 and 1363, approaching the upper boundary of the red descending channel.
Once again, however, resistance proved too strong.
Buyers ran out of momentum before breaking higher, leading to another bearish gap (1293-1309) that quickly attracted fresh selling pressure. Over the following hours, palladium dropped back below the lower boundary of the green ascending channel.
What happens next?
If today’s session closes below that support, the 1250 area comes back into play.
More importantly, a daily close below the channel would confirm the broader bearish scenario, opening the door for a move toward 1180 over the coming days.
Today’s Takeaway
Dollar (DX.F)
- Price is testing the upper edge of the red descending channel.
- Above the recent highs, the next areas of interest on the chart sit at 102.00–102.10 and 102.41–102.50.
- The bullish scenario remains valid unless the breakout fails.
Platinum (PL.F)
- 1553 is the level currently defining the range.
- Holding above support keeps consolidation alive.
- Break below 1553 -> opens the door toward 1540 and potentially the recent swing low.
Palladium (PA.F)
- The green ascending channel remains the key level to watch.
- Daily close below the channel -> increases the probability of a move toward 1250.
- Continued bearish momentum could extend the decline toward 1180.
These are chart observations, not recommendations.
Anna