• Add

Palladium has set a record high above $1500. What’s next? The stars

Olymp Trade

Spot price of the metal jumped above the $ 1500 per ounce mark on Wednesday, February 20. XPDUSD reached the $1506 level, while the NYMEX March futures moved close to $1,480. Now it has adjusted to $1450, but it is quite possible that this is only a small correction before the metal scales new peaks. There is a week left until the end of the month and if the price does not fall by $150 by this time, the asset will be growing continuously for the seventh consecutive month.

At the beginning of the month, Citigroup analysts predicted a rise in palladium to $ 1.600 in the medium term, and it seems there is every reason that their forecast will come true. While there is a misbalance of increased demand and declining supply, the market is trying to find the optimal price, which certainly plays into the hands of large metal producers - Russian Norilsk Nickel and South African Amplats.

There is some bad news. The rally cannot continue forever. The longer and more aggressive the trend, the riskier long positions. In such a market, you can expect a strong overbought signal at any moment, which will be followed by a volatile bearish trend. This may be caused by such fundamental factors as the slowdown in gasoline sales in the US and the Eurozone, and production problems in China.

Olymp Trade Review

Source: https://olymptrade.com/
!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}