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DailyFX reported that on Wednesday, palladium rose to $729 per ounce, an increase of over $13, after a Chinese government report showed that exports from the country rose by 10.6 percent in January. That’s nearly six times more than analysts projected.
DailyFX reported that on Wednesday, palladium rose to $729 per ounce, an increase of over $13, after a Chinese government report showed that exports from the country rose by 10.6 percent in January. That’s nearly six times more than analysts projected.
As quoted in the market news:
Palladium [was] being traded near $725 an ounce at 09:15 GMT on Thursday, during the London session. Palladium prices may find support around the $720 to $723 area, which is a confluence of the 50% fib level and both the 100 & 55 Daily Moving Averages (DMAs). A daily close below $720 may extend downside movement up to $716 or even $708. Bias for palladium will remain positive as far as its price remains above $695.
On the upside, palladium prices may face a hurdle near $729, i.e. the 61.8% fib level, and then $738, which is the 76.4% fib level. A break above $738 might threaten the critical resistance level at $751, as demonstrated in the chart above.