Palladium Jumps on Surprise Chinese Export Data

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.

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