Fresh data from the US provided additional fuel for buyers on Tuesday. Job openings in the US dropped more than expected to the lowest since June of 2021, and since markets now perceive bad news as good news, this raised hopes that the US central bank may slow the pace of its rate increases, which in turn supports risky assets. Major Wall Street indices continue to move north, with Dow Jones trading 2.35% higher, while the S&P 500 and Nasdaq rallied 2.9% and 3.3% respectively. Upbeat moods prevail also on the precious metal market, where gold tested $1715 level, while silver approaches resistance at $21.00, a level not seen since the end of June 2022. However palladium is the best performer, with gains over 5.0% benefiting from lower Treasury yields and weaker dollar. Palladium price broke above key resistance at $2285, which is marked with previous price reactions and 61.8% Fibonacci retracement of the upward move launched at the end of 2021. If current sentiment prevails, upward move may accelerate towards next resistance at $2500, which coincides with 50.0%retracement and upper limit of the wedge formation.
PALLADIUM, D1 interval. Source: xStation5
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