Commodity Trade Idea: XPDUSD – Potential Breakout Setup | Jan 23

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Commodity Trade Idea: XPDUSD (Palladium) – Potential Breakout Setup After Parabolic Price Action (1hr chart)

Price Action Context

As we recently covered in our weekly market commentary, palladium was forming a parabolic price action move and likely pulling back.

As you can see from the chart below, the precious metal dropped over $160 (over 6%) by early next week offering a great day trading setup.

For now, the PM has built up a higher low while maintaining the prior high, so a potential breakout setup is forming.

Watch for the pattern to continue. Any breakdown of the pattern suggests a corrective structure is in play.

palladium breakout setup 2ndskiesforex

Trending Analysis

MT bullish while 2360 is maintained on a daily closing basis. ST watching the price action to see if the breakout pattern plays out or breaks down.

Key Support & Resistance Levels

R: 2520, 2600

S: 2360, 2136

Stay tuned with our members market commentary for updates.

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