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Palladium: Correction or a trend change?

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Palladium’s spot price set a new historical maximum at $1,615 per ounce. It wasn’t possible to stay in this zone for long and an aggressive, impulse bearish correction began. As a result, XPD/USD lost over $60 and quotations dropped close to the trend line. However, even if a breakthrough occurs, it is unlikely that this will lead to a trend change. Similar, situations took place in October and December 2018, as well as in late January. Nevertheless, after the trend line broke through, bulls intercepted the initiative back each time. Therefore, most likely the situation will be the same.

Saxo Bank experts believe that this situation will not change as long as there is a shortage of supply in the market. Russia can also further reduce the supply by banning the export of scrap metal. Ministry of Industry and Trade of Russia (main metal producer) is considering the possibility of banning the export of scrap metal and waste from the production of valuable metals from May 1 to October 31, 2019. This will undoubtedly add even more bullish sentiment to the market.

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Source: https://olymptrade.com/
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