PALLADIUM: $500 to $2,500
Key indicators
Performance in 2020: +33%
Last day range: $2,506 - $2,592
52-week range: $1,267 - $2,592
What’s happening?
Nothing special, just palladium used to trade at $500 per ounce five years ago, and recently it reached $2,500. Few items in Forex show a similar rising dynamic, if any. Currently, the metal trades at $2,592, which is an all-time high.
Palladium?
Yes, palladium. Gold is not the only precious metal out there. Although palladium does not have millennia of wealth-preservation and human admiration in its history, it enjoys high demand from the industrial side, especially the automakers. Especially, those in China, which is the primary global consumer of this commodity. That’s another reason to be amazed by the skyrocketing price growth for this metal – even the slowdown in car production in China due to the Coronavirus has not stopped the metal make new records. Moreover, most observers comment that this trend is likely to continue in the mid-term, with only intermittent downward corrections here and there.
Technical levels
Support $2,500
Where is the resistance level?
If you missed the idea – this metal keeps making new price records and push all-time highs further and further up into the air. You wanted a sure take-me-to-the-moon asset – you have it now.