WILL PALLADIUM MAINTAIN THE UPWARD TREND?
Palladium, one of the rare precious metals, ended its recent upward trend yesterday with some sales. Especially the recovery of economies and the continuation of expansionary monetary policies by central banks on a global scale caused commodities to turn upwards. The limited recovery of manufacturing PMI data announced in China and the USA, which is one of the biggest catalysts of this, created some pressure in commodities. However, when we focus on the short term, the underlying trend is upward, limiting the declines in commodities to some extent.
Regarding the institution's expectations, HSBC announced yesterday that it increased its palladium average price expectation from $ 2310 to $ 2327 for this year. For the next year, HSBC has set its average palladium price expectation at $2280. The institution also announced that this year, the Palladium deficit will expand and it expects the supply/demand deficit to rise to 896,000 Ounces. The palladium deficit is expected to shrink around 573,000 Ounces next year. In other institution expectations, Commerzbank stated that it expects Palladium to close at 2500 dollars/ounce by the end of 2021. JP Morgan, on the other hand, dropped its Palladium price expectation from $2227/ounce to $2188/ounce for this year. UBS expects Palladium to test $ 2600 ounce by mid-2021.
Technically, it is seen that the prices have continued to move above the 2380 level for a while. In particular, unless it is possible for prices to exceed the 2357 level, it can be expected to remain limited. In the continuation of this potential, we follow the resistance levels 2456 and 2513 above as gradual transition points. However, in a possible downward attack, it is useful to consider the support levels 2307 and 2257, depending on the level of 2357.