Gold exceeded $2.000 per ounce. Stock futures rose on Wednesday as investors awaited further updates on stimulus talks.
Palladium is down by 42%
Information is not investment advice
Performance in 2020: -10%
Last day range: $1,678 - $2,046
52-week range: $1,678 - $2,878
On February 27, palladium was at its all-time high of $2,878. As you can see, until then, it cared pretty little about the coronavirus and its consequences on the global economy. But finally, the sell-off mood hit this asset as well. Now, it trades at $1,748 after it fell to Autumn-2019 low of $1,674. From the all-time high, it makes a 42% drop! Needless to say, all the Moving Averages were crossed in no time. Currently, the support of $1,300 may be the closest target, after a correction upwards takes place.
New COVID-19 cases globally have been on the rise lately, although it is too early to call them second waves in most countries.
With the pandemic claiming about 1000 lives a day in the United States, many departments said they lack the money and the staff to identify people who have been exposed, according to a survey of a 121 local agencies.
China arrested Jimmy Lai, one of Hong Kong’s richest and best-known publishers, on suspicion of collusion with foreign agents.
Looking ahead, highlights from macroeconomic calendar include EZ Sentiment Index and Fed’s Evans speech who is a Fed non-voter. Rise in US-China tensions (WeChat specifically) sends US dollar higher.
US stocks are set to open lower Friday, with investors worry over rising tensions between the US and China, deadlock over the next virus relief bill and possible disappointments from the key monthly employment report.