Palladium Has Broken Out, Here Is The Upside Target

The prolonged and severe downtrend in Palladium since its peak in early 2022 is showing signs of thawing. Since 2024, the price has been consolidating near the critical long-term support zone identified between $885 and $850.

The key technical development anticipated was a potential break above the steep multi-year downtrend resistance line that had capped prices for so long.

This exact scenario has now unfolded. The weekly chart confirms a decisive breakout above this major downtrend line, occurring around the $950 level. This technical event, following the successful hold of the $850-$885 support base, signals a significant potential shift in the long-term trend for Palladium.

The primary resistance level and upside target is now the major horizontal zone around $1,645. This level acted as significant support throughout 2019, 2020, and early 2022 before failing, making it a logical objective for this recovery rally.

Looking forward, the $885 to $850 is now critical immediate support. Holding above this level is essential to validate the breakout and maintain bullish momentum towards the $1,645 target.

Based on the current chart structure, the confirmed breakout above the significant multi-year downtrend resistance strongly suggests the path of least resistance is now higher. Technical analysis favors continued upside towards the $1,645 target in the coming weeks and months.