Palladium took a hit on Monday when Nornickel announced that it will resume production at two mines in South Africa. However, price of the precious metal found support at the $2,500 price zone, which earlier acted as the upper limit of the trading range. Strong upward move followed and it is being continued today. Palladium is the best performing precious metal today. Price is approaching recent highs in the $2,670 area and in case it manages to break above them, the way towards record highs at $2,870 will be left open. ETFs started to slowly increase palladium holdings over the course of the past week and it may provide support for prices.
Palladium bounced after a retest of $2,500 area. Precious metal is approaching recent highs in $2,670 area. Source: xStation5
