FxPro Review: Platinum and Palladium Ready to Rise

After last week's significant sell-off,Forex 110 official website precious metal prices rose this week. As of Tuesday (yesterday), platinum saw the most significant increase, rising by 2.9%. Palladium prices increased by about 2%, indicating a resurgence in buyer interest following the recent decline.

Just a week ago, platinum prices reached a local peak of $1,095, a two-year high. The subsequent 7% pullback is a typical 61.8% Fibonacci retracement from the initial rebound of $897 at the end of April. Based on this trend, if the previous peak is surpassed, we consider the $1,210-$1,220 range as the next potential target.

FxPro Senior Analyst Alex Kuptsikevich noted: They also noticed that the price didn't drop below the $1,000 level, which served as resistance in December and April but has now become support. Platinum prices could rise in the coming weeks, targeting the $1,200-$1,400 range.

Last week's downturn pushed palladium prices below the 200-day moving average, a level it has been hovering around since October 2022. Perhaps this downward trend is appearing for the last few days because, since November, palladium has formed very strong horizontal support in the $910-$950 range. These factors created price fluctuations within a triangle.

Typically, such a triangle pattern should resolve by breaking the support and resulting in further price declines. However, we believe that in this case, we should expect an upward breakout.

Raw materials have a threshold below which companies have no interest in exploration and mining. In the past six months, palladium seems to have reached or come very close to this threshold. On the other hand, China's economic stimulus is driving commodity prices. Palladium should not be forgotten because it is actively used in electric vehicle production and has significant upside potential from the historic high of over $3,400.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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