Palladium, the trend that does not give up the main direction, will it last?
In recent sessions, the prices of the metal have raised some underlying perplexity, considering the fact that the industrial reality and that operated by the Future are totally detached, in addition to the recent heavy correction of equity indices, especially the American ones.
We obviously prefer to follow the trend even if the international scenario can be considered very heavy and constantly under observation.
The essential problem is also dictated by the incomplete efficiency in international ports and the unloading of goods and orders due to the pandemic which is rarely illustrated to operators or to those who trade on physical and Futures.
However, this context is not yet taken for granted in the implicit values of palladium, although it is clearly in a historical context of prices in the so-called “no man’s land”, where it has great space to be able to move towards new targets.
The dynamics of prices shows a very high volatility and this should put a lot of attention on the operational level towards those companies that are partly obliged by their business to procure palladium, and constantly monitor the purchasing strategy of their suppliers who often take advantage of increase commercial values.
We remind you that in the search for new materials, metal represents an interesting driver. From a purely technical point of view, prices still lean on the short-term dynamic support at $ 2237, while the second support level is in the 1850 area in the medium term. We report resistance in the short term at 2416. The analysis model adopted still indicates a possible rise with higher targets.
Resta aggiornato con la Newsletter Settimanale
Commodities strategist, expert in supply chain market, procurement, forex and advisor Stablecoins. www.goldencross.io