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.
Source: xStation5
US Open: Nasdaq, gold and silver surge following... an interest rate hike (17.09.2026)
Chart of the day 🔼 Gold rebounds 1.3% despite hawkish Fed stance (17.09.2026)
📊Daily Summary - Hawkish Fed raises rates and signals more. Dollar gains while gold falls
Hawkish move from the Fed! Warsh takes no prisoners in the fight against inflation. US500 at its lowest since August 3, and gold already below $4,300.