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Palladium completed its post-impulse correction

Olymp Trade

Palladium completed a mid-term correction after the quotes collapsed at the end of March. This correction was completed in the middle of the week in the form of a falling wedge pattern on the 4-hour chart. The pattern worked like an example from a textbook on technical analysis, with a breakout up and a rise in the quotes of the most expensive metal above $1400/oz.

The metal price began to move up again after China released its macroeconomic statistics on Wednesday, April 17. The country's GDP growth was 6.4%, with a forecast of 6.3%, which may slightly allay investors' concerns about a slowdown in the global economy. Other statistical data were even more bullish for the entire commodity sector—the industrial production of China increased by 8.5% in March, beating the consensus forecast of 5.6%.

Judging by the market reaction, bullish sentiment is returning, and the post-impulse correction is over. At least NYMEX futures for June delivery were growing by more than 5% weekly. Therefore, it is possible that in the coming months, the quotes will return into the range of $1500-1600 again.

Olymp Trade Review

Source: https://olymptrade.com/
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