 Good morning and welcome to the Church of the Week video with me, David Madden. Today's date is Friday the 27th of November 2020 and the time has just gone at 9.12 GMT. And this week's Church of the Week is Palladium. Now Palladium enjoyed a very bullish run in late 2019 and into 2020. I did multiple all-time highs back in the last year and at the beginning of this year. But like many other markets, it had a major decline in February on the back of the pandemic setting in. But since then, after a bit of volatility in March and April, we can see that the market has been in a fairly slow on a steady upward trend the last few weeks and months. And in fact, the highs that were achieved at the beginning of November were the highest level seen since March. So the market is making a recovery. If we take a look at the price action in the last few sessions, we can see it hasn't been powering ahead, but it's been ticking higher yet again. If we take a look at this blue line here, the 50 moving average, it was sort of dancing around it for the last two sessions, the last week or so. But it has been moving higher again. We've now hit its highest level since the 11th of November. If we continue to press on higher from here, we could be looking at targeting this zone here around 2,500. And if we go beyond that, we could then be looking back towards the highs of early March in around this zone here in around 2,549. And should we go beyond that, we could then potentially retest the all-time highs north of 2,700. Now, that's the price action, the potential price targets should the market move higher. If you take a look at what's going on in terms of the 50 moving average here, this blue line here, that comes into play just south, it comes into play at 2,334. If you go below that, we can head back down towards this yellow line here, the 100 moving average in a 2,227. Notice how the 500 moving average acted nicely as support in late October. We can also see it acting as support back in July as well. So the metric has been important in the past. It makes it more likely it'll be of importance in the future, although there are no guarantees. So just keep an eye out for those metrics in terms of the 50 moving average and also the 100 moving average. And if you go below that, the next level to keep an eye out for will be this red line here, the 200 moving average. That comes into play in a 2,149. And similar scenario, we saw that metric acted both as resistance and support back in July. So there's a couple of potentially big areas of support for moving averages should be drift lower. But just keep in mind, we have been in a nice kind of upward trend the last few months of buying on the dip has been a fairly common strategy. Now, if you are going to be trading palladium, it's a good idea to keep an eye on what's going on on the platinum market. Both those metals have a history of being in use for candidate converters, basically cutting down on emissions from engines. And as we know, no pun intended, there's been a big drive to actually head towards greener energies. This is part of the reason why the likes of both palladium and platinum have been popular in the last few weeks, the last few years. If you take a look at the kind of price action on platinum, we can see here, similar scenario, we had a major set off in March because of the overall pandemic. And then if you take a look at the price action since then, broadly speaking, it has been moving higher. If you take a look at the price action more recently, we can see that not too long ago, earlier this week, we saw platinum hit its highest level since September. So in a two-month high, not too long ago, so we can see that palladium is in broadly speaking in its upward trend. Platinum has also been broadly speaking being pushing higher. And the reason why I'm talking about this is one of the tenets of Dow theories that the averages must confirm each other. And to be fair, they're not those two metals have similarities, but they also have differences. And what that head end of Dow theory means, if markets are similar, they should be moving in the same direction. And they're likely to be moving in the same direction. And if they are likely to move in the same direction, you'd be more confident of that move. So if you think if you have a bullish view on palladium and you also see an upward move in platinum, you can be more confident that platinum is going to move higher. And conversely, if you feel that palladium is going to have a sell-off and you're also seeing a similar price action in platinum because it's a similar market, you can then be more confident of that move, but although there are no guarantees. That's all from this video. Thank you for listening. Have a good weekend.