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
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appThis content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
