Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
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.
The US dollar index has all chances of reaching the 2000s high of 120.00.
Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?
First, "ETH merge" Google requests are on the rise. At the same time, "buy ETH" requests are at their two-year lows, which is quite a negative factor ahead of the vast update. The community either doesn’t believe in the success, or they are following the "buy the rumors – sell the news" rule and waiting for the massive dump after the merge.