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Palladium In Correction

Olymp Trade

Palladium quotes dropped at the end of last week. Metal price fell by 6.5%, the local minimum was updated at $1679 per troy ounce. The trend line of a bullish trend, in which the asset has been trading since early August, was broken. The decline is quite likely to continue in the short term. There is a strong resistance zone in the area of ​​$1640-1670. However, we do not rule out a possibility of a local movement down to the global uptrend line and psychological level of $1600. After the current correction is over, one can expect the uptrend to continue in the medium and long term.

RJO Futures’ analyst Joshua Graves believes that the precious metals market has reacted to Donald Trump's statement about the unreliability of information about the rollback of tariffs on Chinese goods. According to analysts, the metal market quickly reacts to any news about the progress in the trade war negotiations and this exchange dump was the result of an overreaction.

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Source: https://olymptrade.com/
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