PALLADIUM is the best performing precious metals today, gaining over 3% and jumping to the highest level in 3 weeks. Price continues a rebound, launched on Tuesday this week, and is trading 10% above weekly lows. The move higher is driven by signs of slowing electric vehicle demand. Slower adoption of EVs suggests that combustion engine cars may be here for longer and demand for platinum group metals used in catalytic converters, including palladium, will continue.
Taking a look at PALLADIUM chart at H4 interval, we can see that price broke above the 200-period moving average today (purple line) and continued to move higher afterwards. PALLADIUM is currently testing $950 resistance zone, marked with previous price reactions as well as 50% retracement of the downward move launched in late-May. Should we see a clear break above this hurdle, the next potential resistance zone to watch can be found ranging below 61.8% retracement ($970).
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Source: xStation5
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