 Hello and welcome to the chart of the week video with me David Madden. Today's date is Wednesday the 24th of October And the time has just gone 940 British summer time This week's chart of the week is Palladium Taking starting off with the a longer term view on the weekly chart We can see the Palladium has had a major rally between January 2016 and January 2018 Major valley in the in the metal then I had a fairly sizable pullback of 28 reason size pullback of 28% between January 2018 and August 2018, but since then it is resumed. It is its upward trend And in fact yesterday the metal went down to hit an all-time high so get indication of all the sentiment is I'll take a look at the MACD histogram the MACD indicator We can see that there's a fairly steady rise in positive momentum as the markets be pushing higher recently So the upward move We're seeing in the middle in recent weeks has been confirmed by the steady increase in positive momentum So at the time being the momentum is with the buyers now There are several reasons why platinum has been demand in recent months and years one of the main reasons is that Palladium rather is as used as if Palladium is used in the catholic inverters Which are which are used in engines to actually reduce emissions from vehicles So Palladium has been very much in demand in recent years seeing as things. It's been a big focus to actually the Head towards more of a green environment adding to that we've had some recent supply shortages with Palladium Also, there are fears about future supply levels because Russia is a major supplier of Palladium and US-Russian relations aren't so good at the moment United States have declared that their intention to withdraw from the US-Russian nuclear Nuclear Treaty this has left tensions between Washington DC and Moscow and traders are fearful We could have some supply issues out of Russia for Palladium in the near term Adding to that we also have some recently out of Beijing We've also had some tax change in order to you can estimate the economy and that has benefited the wider metals market And that is all culminated in the speculative long positions on Palladium futures hitting its highest level in three months highest level since June this year. So There's clearly a lot of positive speculation going on in relation to the price of palladium This is the chart on a daily basis Once again, as you see it's been a solid upper trend Since August we can see here that that's you that has been a slight increase swing to positive momentum On the market indicator is actually positive and it's actually increasing So the upward move is being confirmed by the increase in positive momentum If you do continue to push on higher from here, but you cannot take out the recent all-time high And push on higher. We could be looking at target in the 1150 area or the next big level beyond that will be the cycle Actually important 1200 any moves to the downside in palladium may find the sport coming to play in round the kind of 1100 mark or even possibly down to The end highs of a very August of early October rather in the kind of 1094 1090 region Perhaps sport even could be found in around this area here at 1063 And and given that it's been such a steep rally recently. We may even even see a fairly deeper Correction potentially so if the market were to drift on lower We could find support coming into play in this area here at 1029 or perhaps even as low as the 50 moving average at 1012 I'd already started to get worried if you actually drop below this line here at this red line here The journey moving average which comes into play at 985 notice How it actually did manage to act as a resistance that you know I'll go in the middle of September and if the metric has active resistance in the past It makes it more likely that it could act as a support in the near term Should that be the case because it should be if you drift lower below the Tourney moving average that will be a fairly bearish indicator and a good point to further losses If you have any comments to make on this video, please feel free to leave a review on Google of these. That's it for me this week Thank you very much