Palladium surges 7% and tests $925 resistance

٨:٠٦ م ١٤ فبراير ٢٠٢٤

A higher-than-expected CPI reading yesterday put pressure on precious metal prices, leading to GOLD price slumping below $2,000 per ounce for the first time since mid-December 2023. While GOLD deepens decline today with a 0.3% drop, other precious metals gain. SILVER adds 0.4% while PLATINUM trades 1.6% higher. However, PALLADIUM is top performer with a stunning over-7% gain at press time.

While gold and silver ETFs were net sellers yesterday during price slump, palladium holdings of ETFs increased by 2.1%! This is a massive single-day increase, bringing year-to-date increase to 8.2%. Gold holdings of ETFs are 2.7% year-to-date lower, while silver holdings are 0.3% lower than they were at the end of 2023. This strong increase in palladium demand from ETFs seem to be supporting today's price gains.

إبدأ بالإستثمار اليوم أو تدرّب على حساب تجريبي

إنشاء حساب حساب تجريبي تحميل تطبيق الجوال تحميل تطبيق الجوال

Taking a look at PALLADIUM chart at H1 interval, we can see that the price surged above the $900 per ounce price zone today with a strong bullish momentum. Gains continued with price breaking above downward trend line and 200-hour moving average (orange circle) later on. An attempt to break above the $925 resistance is being made at press time, with PALLADIUM trading at the highest level in a week. The next resistance zone to watch can be found in the $950 per ounce area.

Source: xStation5

Source: Bloomberg Finance LP, XTB Research

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