

Palladium turned bullish over the key, 200-day moving average with the help of heavy Russian sanctions. Russia is one of the biggest exporters, almost %46 of the total global production. Heavy sanctions against Russia might lead to tight supply in the markets and the price is surging with that fear.
A bullish trend channel is ongoing from the 2021 lows. If the price holds above 2454 and 2280 supports, Palladium may reach over 3000 over the medium term. Fibonacci %76.4 level, 2670 is the can be followed as a middle resistance point. But if the current situation calms, this bullish wave may calm too. Below 200-day moving average is the danger zone for Palladium bulls.