 Hello and welcome to the chart of the week video with me, David Madden. Today's date is Wednesday the 9th of January 2019 and the time has just gone 1120 GMT. This week's chart of the week is Palladium and as you can see the metal reached a all-time high back in June, January 2018 and then from much of the last year it had a fairly sizable correction thought since August 2018 up until now the market has been firmly back in its wider upward trend. We can see here that that market down to create fresh all-time highs in late 2018 and actually only even today another record high has been set so the current trend for Palladium is clearly bullish, is clearly very much to the upside and if you take a look at the price action on a near-term basis we can see that the market has been in a classic example of an upward trend, a nice series of higher highs and higher lows and as I just said a fresh record high today. Taking a look at the MACTI indicator, MACTI Instagram down here we can see that the clear sign of an increase in positive momentum so the upward move in the underlying Palladium market is being confirmed by the steady increase in positive momentum so the market is moving higher and the rate at which the market is moving higher is increasing so momentum is with buyers. If you do look to push on higher from here the next year we could be looking at running into resistance that might be the 1200 rating, it's a big psychological number and we're currently sitting at 1283 so we're not too far away from it. If the market does though manage to pull back from these levels we could see some fresh buyers enter the fold seeing as buying of the dip has been a popular strategy in recent months and if the market does manage to drip the bit lower we could see support coming into play in around this region here at 1236 or perhaps even down at 1200. Notice back in November and also in December we can see that the market really struggled to break above the 1200 mark so the previous old resistance may act as new support and even if you do drop below 1200 it's in such a strong upward trend we still might see the wider trend continue in the medium term so even if you do drop below 1200 the next area for potential support might come into play in the 1160 region. We can see here that 1160 coincides with this blue line here the fifth day moving average and we can also see that on a couple of occasions the 1160 region managed to act as support in both in both November and also in December. Now if you are going to be trading the palladium market please keep an eye on on both the emissions news in relation to emissions and vehicles one of the reasons why palladium has been in such high demand in recent years is because palladium is used in catalytic converters for petrol cars or for petrol engines and given that we're now heading towards a more kind of eco-friendly and greener society there's been a steady increase for for cutting down for cutting down pollution and emissions there's been tighter regulation out of China and adding to that in Europe there's been a shift away from diesel and more towards petrol. In relation to the macro macro news the US and China have concluded their trade talks they've appeared to have ended on a very positive note we've yet to hear any further details in relation to that but I think they're looking quite well in relation to the trading relationship to Washington DC and also Beijing that could give a lift to an overall global sentiment because in recent months there has been concern about the trade standoff between the two could be a could be a bit of an issue in relation to global growth that's off me this week if you have any comments you want 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 and good reviews and that's off me this week thank you very much