Gold exceeded $2.000 per ounce. Stock futures rose on Wednesday as investors awaited further updates on stimulus talks.
PALLADIUM: $500 to $2,500
Information is not investment advice
Performance in 2020: +33%
Last day range: $2,506 - $2,592
52-week range: $1,267 - $2,592
Nothing special, just palladium used to trade at $500 per ounce five years ago, and recently it reached $2,500. Few items in Forex show a similar rising dynamic, if any. Currently, the metal trades at $2,592, which is an all-time high.
Yes, palladium. Gold is not the only precious metal out there. Although palladium does not have millennia of wealth-preservation and human admiration in its history, it enjoys high demand from the industrial side, especially the automakers. Especially, those in China, which is the primary global consumer of this commodity. That’s another reason to be amazed by the skyrocketing price growth for this metal – even the slowdown in car production in China due to the Coronavirus has not stopped the metal make new records. Moreover, most observers comment that this trend is likely to continue in the mid-term, with only intermittent downward corrections here and there.
Where is the resistance level?
If you missed the idea – this metal keeps making new price records and push all-time highs further and further up into the air. You wanted a sure take-me-to-the-moon asset – you have it now.
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.