Precious metals trade higher today, benefiting from the US dollar weakness. Palladium is the outperformer within the group, gaining 1.5% so far. Sentiment towards the precious metals has improved following yesterday's speech from Powell. Fed Chairman said that a decision to scale down bond purchases is likely to be made ahead of a decision to hike rates. However, Powell also said that conditions for policy tightening are unlikely to be met before 2022.
Taking a look at the PALLADIUM chart, we can see that the precious metal has managed to break above the upper limit of its recent consolidation range at $2,670. Price is looking towards 2021 intraday high at $2,750 and trades around 5-6% below its all-time high at $2,870. Potential range of a breakout from the triangle pattern (May 2020 - March 2021) implies an upward move above $3,000 mark.
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Source: xStation5
