Palladium Price Hits a New All-time High

September 20, 2019

New York (Sept 20)  Palladium futures (NYMEX: PA) reached a new all-time high this Thursday. The precious metal has been traded mainly bullish for fears of labor disputes in the mines of South Africa.

According to analysts, wage negotiations are still boosting not only palladium prices. The stagnation in the negotiations is increasing the risk of a union stoppage for an undetermined time.

Palladium is the main component of catalytic converters that allow reducing emissions in cars. On last Thursday, Palladium peaked at $ 1,635.87 per ounce, advancing 33.27% (YTD).

In another hand, Gold, the leading precious metal, continues moving sidelong around the $1,500. Until the date, Gold accumulates and advance by 15.5% (YTD).

Technical overview

Palladium in its weekly chart shows an impulsive sequence which could be running in a fifth wave. The current bullish move started on January 15, 2016, when the precious metal bottomed at $453.50 per ounce.


On the 8-hour timeframe, we observe the internal motive wave started on August 02, 2019, at $1,384.10. Palladium develops a wave 3 of minor degree. For the coming days, we expect a consolidation sequence as a wave 4.


Palladium could develop a retrace to the area between $1,590 and $1,575, from where the price action could drive to the precious metal to see a new record high. The next key resistance is at $1,700 per ounce as a psychological level. The invalidation level for the current bullish scenario is at $1,510 per ounce.

The golden metal continues moving sideways, forming a wave B. For the following days; we expect a decline to the area between $1,455 and $1,438 per ounce. Around this zone, Gold could complete a wave C.


An alternative movement may occur if Gold makes a marginal upside to the area between $1,521 and $1,530. This area corresponds to the 50% and 61.8% of the Fibonacci retracement of wave A.

If the price action tests this zone, Gold could find sellers expecting to make a second bearish leg. The short-term invalidation level for the corrective scenario is at $1,547.


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