Palladium at record highs!
Palladium reached fresh record highs amid supply shortage concerns
Palladium broke back above $2,900 per ounce today and the price is looking towards the $3,000 mark. Tougher emission rules, that require large amounts of the precious metal in car catalysts as well as supply concerns serve as a driver of a recent upward move. Palladium market has been experiencing a deficit for a few yesterday and the situation is expected to worsen this year following recent flooding in Nornickel mines.
Palladium reached fresh record highs on Wednesday last week, when the price broke above peak from 2020. Price moved higher on Friday as well but ultimately finished the day below Wednesday’s close. We are yet to see a daily close above $2,900 per ounce.
The $3,000 area should be seen as the first near-term resistance while the $3,250 area should serve as the next one (127.2% exterior retracement). Key near-term support can be found at $2,850.