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Palladium Technical Analysis - Palladium Trading: 2022-07-12
Palladium Technical Analysis Summary
Above 2221
Buy Stop
Below 1755
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Buy |
| Parabolic SAR | Buy |
| Bollinger Bands | Buy |
Palladium Chart Analysis
Palladium Technical Analysis
On the daily timeframe, XPDUSD: D1 went up from the downward channel. Before opening a position, he needs to exceed the 200-day moving average line. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if XPDUSD: D1 rises above its latest high and 200-day moving average line: 2221. This level can be used as an entry point. The initial risk limit is possible below the last three lower fractals, the 7-month low and the Parabolic signal: 1755. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders after making a trade can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (1755) without activating the order (2221), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Precious Metals - Palladium
Further tightening of anti-Russian sanctions could reduce the supply of palladium. Will XPDUSD quotes continue to grow?
Russia holds 40% of the world's palladium production. Approximately the same share falls on South Africa and another 14% - in the US and Canada. This spring, the London Platinum and Palladium Market and the London Bullion Market Association restricted the supply of some Russian refineries producing palladium bars. At the end of June, Britain (following Canada and Australia) imposed sanctions against the Russian businessman Vladimir Potanin. He is the head of the Mining and Metallurgical Company "Norilsk Nickel" - the main producer of Russian palladium. Investors now fear further tightening of anti-Russian sanctions related to the export of palladium and precious metals. In particular, if they are introduced by the United States and the European Union. The likelihood of such an event has increased against the backdrop of reduced sales of new cars in Western countries, as palladium is actively used as a catalyst in gasoline engines. In addition, Bloomberg did not rule out new EU economic sanctions against Russia in the near future. An additional factor in the possible growth of quotations may be a reduction in palladium production in South Africa due to technical problems.
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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
