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Palladium Is Attempting to Make a New ATH

Olymp Trade

Since the beginning of June, palladium began to actively regain lost ground. The metal has grown from $1311 to $1603, adding $300 in just one week. Bulls almost succeeded in updating the new all-time high (ATH), just a little bit lacked to overcome $1615. The correction has reduced the price down to $1500, now it is a level of support and a zone for further longs in the medium term. The local uptrend will be confirmed after overcoming $1545.

Recently, palladium has been growing due to the same favorable factors as gold. The US dollar declined amid expectations of easing monetary policy by the Federal Reserve. In the long run, the forecast is also bullish, because, despite the fact that global auto sales, especially in China, are seriously falling, tougher emissions standards lead to more significant use of palladium in this field. Plus demand exceeds supply over the past few years. At the same time, production drops, only in 2018 it decreased by almost 7% to 210 tons.

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Source: https://olymptrade.com/
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