Palladium Tracks Platinum And Rises

Live Trading News reported palladium has tracked gains in platinum rising from about $580 an ounce to $643.

As quoted in the market news:

When you see a sudden move higher in a metals price, traders, speculators, and investors start to look back over their long-term charts to see if the metal has or is setting up to make a new high or make a run at an old high (overhead Resistance).

Palladium participated in the precious metals rally over the last week. Palladium demand is largely as an industrial metal and is looked at in the same light because they are both platinum group metals (PGMs) and both are used in auto catalysts. Palladium will benefit from a move of this type in platinum because there is a psychological relationship between the two metals.

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