Palladium Price: Bullish Momentum Pressing Towards April's High | Metals Mine

  • Palladium Price: Bullish Momentum Pressing Towards April's High

    From dailyfx.com

    On May 22, Palladium price corrected higher after carving out a higher low at $1.299.0 On May 30 the price leaned even higher creating a higher high at $1,380.5. The price created another lower high on June 3 showing clear intentions from the bulls to take charge. On June 6, the Relative Strength Index (RSI) crossed above 50 starting a bullish momentum. Looking at the daily chart we notice Palladium on Jun 10 closed above $1,375.0 eying a rally towards the April 26 high at $1,468.2. Therefore, any close above this high could mean more bullishness towards $ 1,507.0. However, the daily resistance at $1,500.0 is worth ... (full story)

Comment Options
EventsTrader
Jun 13, 2019 5:20pm
Permalink
Palladium has risen around 60% since last August. It was around $840, Gold about $1180 back then. Now Palladium is the most expensive precious metal at around $1430. 15 times more rare than platinum, 30 times more rare than gold. More than 80% of palladium is used in the auto industry. This is a supply issue. Long term, these prices will prompt production increases or manufacturing to find alternatives. When that happens, does that mean palladium loses 80% of its utility? Lots of hypotheticals, but main point is that there are some imbalances. When they get straightened out, I'm not going to be long Palladium. My two cents. I'm always interested in other views.
Reply
  • Story Stats