 Hello and welcome to the chart of the week of video with me David Madden today's date is Thursday the 21st of March 2019 and the time has just gone 1135 GMT this week's chart of the week is Palladium Palladium was once again hit a new all-time high Looking at the chart here for the past number months. We've seen a nice series of higher highs and higher lows As I just mentioned another high has other another all-time high has been reached on palladium So the mark so the market sentiment is clearly very bullish on palladium And as we can see on the MACD indicator of my Instagram There's a steady decline in negative momentum and now momentum is term positive. So How's the market is pushing higher and hitting another all-time high that's being confirmed by these Swing from negative momentum to positive momentum on the MACD indicator So if you do manage to press on higher from here From these levels on palladium We could be looking at targeting to the 1600 markets a big cycle action number And that's right as we are in currently in on chart of territory. It's likely that trends will be looking out for the big number Even if you do see a bit of a pullback We might see some support given that we've been in such a strong upper trend in recent months So if we do manage to drift lower on palladium, we could see support coming to play from this area here 1536 the previous all-time high that was reached in late February And even if you drift lower from there support might be found from the psychology board 1500 mark and we can notice that there's been quite a bit of consolidation both support and resistance From the fifth 1500 mark only a few weeks ago, and if you drop below that might bring the Early march low of 1465 into play and should we see a break of 1465 the downside We could we could bring the fifth day moving average into play this blue line here, which it comes into play at 1475 And sport also might be found in around the psychology important 1400 mark, but also know how 1400 was the previous all-time high that was reached back in mid-January now one of the reasons for made the main driver for Palladium's success recently has been a metal is used in catalytic converters in engines. So keep if you are going to be trading If you are going to trading palladium, please keep an eye on any news in relation to emissions and fuel and engines In relation to fuel emissions from engines because that's been a big driver No pun intended for the for the success of palladium in recent weeks and months also There has been some some chatter and some speculation Platinum the relatively cheap platinum metal is going to be used as a substitute for palladium. So that has helped The platinum price take up recently evidently that this there's been clearly no No demand no decline in demand for palladium because it's reached yet another all-time high today But keep an eye on our story in relation to platinum There's also speculation and chatter that there's going to be a ban on scrap metal from Russia That that's that's that's a little story We're to drive in the kind of wider metals market and also Given the feds update last night the Fed to give a double shop date last night and also The US central bank also downgraded its growth forecast for the US economy for 2019 So I don't know the US dollar has bounced back this morning But it's a little down on the week and the a relatively weak at US dollar could also assist the wider metals market Finally before I go if you have any comments to make on this video or any of the other videos We've made here at CMC markets, please feel free to leave a review on reviews. Thank you very much