FXStreet reports that Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes that palladium’s new high has not been confirmed by the daily RSI and this reflects a loss of upside momentum ahead of the all-time high at 2878.04.

“Palladium is approaching the 2020 peak and all-time high at 2878.04. The high so far has been 2848. While it is underpinned by the 20-day ma at 2680, we cannot rule out further upside attempts. However, we note that the new high has not been confirmed by the daily RSI and this reflects a loss of upside momentum ahead of the all-time high and we would tighten up stops as we are concerned that a move higher will not be sustained.” 

“The 20-day ma at 2680 guards the 2491.10 February high.” 

“Only an unexpected slip below the 2491.10 February high would make us re-evaluate our longer-term bullish view and may lead to further sideways trading around the 2278.99 March low and above the September-to-January lows at 2202.99/2184.67 to be witnessed.”