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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.

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Source: https://olymptrade.com/
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