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Palladium collapsed

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Palladium quotes fell. On Thursday, the asset already lost more than 6% and the futures are now trading at the NYMEX below $1,330 an ounce. The asset has already decreased by 15% or $240 from the historical high, which was updated only a week ago. At the same time, the palladium price jumped more than 80% over the past 7 months. This volatility can be compared to that of the cryptocurrency market.

Mark Cutifani, the CEO of Anglo American believes that the sharp rise in the price of palladium had created “bubble”, but the steady downtrend is unlikely to continue in the near future. Automakers may replace palladium with cheaper platinum in catalytic converters while developing new car models, but this will not happen in one day.

It is quite likely that the momentum decline will stop in the $1275-1310 zone. At worst, it will happen in the next area of consumer interest: $1160-1200. Also one should remember about the dead cat bounce and not panic. When the bears calm down, growth will continue.

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Source: https://olymptrade.com/
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