Palladium Poised for a Breakout?

The Palladium market has been in a downtrend since the highs seen back in early March of this year. We saw a break above the 50-day moving average, and now the market is approaching some strong technical resistance coming from the trendline and the 200-day moving average. With this tightening range, if the market breaks to the upside, we could see a push toward resistance at the 200-day moving average at 2107. A failure to breakout above the trendline could send the market retrace back towards some strong trendline support going back to December of 2021.