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Palladium Sets New Records

Olymp Trade

At the end of October, palladium set a new absolute high of a bit more than $1825 per ounce. Bulls made several attempts to continue the movement up, and most likely they will succeed soon. The local support is at $1775, and the next strong support level is at $1745. After breaking the resistance level of $1820, the uptrend is expected to continue to $1865 and more.

Bloomberg Intelligence reports that metal consumption is stimulated by lower car sales and tougher environmental requirements in Europe and China. At the same time, the supply of palladium is reduced by large market participants. Also, power outages in South Africa led to a decline in production in August: production fell to its lowest level in 1.5 years.

Platinum is considered a possible alternative to palladium in catalytic converters. It costs almost half of palladium price, $935 per troy ounce, but the current production technologies do not allow it to be used with the same efficiency yet.

Olymp Trade Review

Source: https://olymptrade.com/
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