📈Palladium broke above $3,000

The price of the precious metal has been rising continuously for a month❗

Palladium price continues to move upward, partially due to mounting supply disruptions, after Russian mining giant and the world's largest palladium producer, Nornickel confirmed that mine closures due to flooding are likely to cause a decline in production. Moreover, the demand for this metal should increase due to the economic rebound in the world.

Looking technically at the palladium chart, we have been observing a systematic upward movement for some time. Last week, the upward move intensified and the price broke above the upper limit of the upward channel as well as the resistance zone resulting from the February highs. The zone marked in green at $ 2,855 remains a key support in the short term. Resistance lies around $ 3,250 and is marked with the 127.2% Fibonacci retracement.

Palladium interval D1. Source: xStation5