BREAKING: Palladium drops 5% and tests 2020 lows

Higher-than-expected CPI reading for January from the United States led to strengthening of the US dollar, which was further magnified by comments from Fed members Barkin and Logan. USD is the second best performing G10 currency at press time, trailing only the British pound. Precious metals found themselves under pressure, what is usually the case at times of USD strengthening. Declines can be spotted all across precious metals markets with gold dropping 0.2%, silver trading 1% lower and platinum taking a 2.3% hit. However, palladium is a top laggard with a 5% plunge today.

Taking a look at the PALLADIUM chart at weekly interval (W1), we can see that the downtrend on this precious metal market is not only continuing but also accelerating. Price broke below the $1,500 mark for the first time in almost 3 years. Bears continued to push the price lower and PALLADIUM even traded below 2020 Covid lows for a brief moment.

Source: xStation5

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