Palladium recovers $1,800 Boosted by the Agreement Confidence between the U.S. and China


Palladium prices rebound this Monday to reach $1,800 per ounce, boosted by the confidence of an agreement between the United States and China, which could be signed before the end of the year.

Palladium scales 1.33% or $23.53 per ounce, while gold falls $5.95 per ounce or 0.41%, while silver stumbles 5.54 cents or 0.36% falling to $16.953 per ounce.

The United States and China governments are very close to sealing off "phase one" agreement, a Chinese media informed, dismissing "negative reports."

The positive feeling was heightened after the announcement made by the Chinese government that it will seek to improve measures for the protection of intellectual property rights. This point has been considered the most contentious within the trade dispute between the U.S. and China.
 The Chinese media, Global Times, noted that the Chinese government is committed to continuing talks for a phase two agreement and even three with the United States.

Technical Overview

The Palladium in its weekly chart is reflecting that the upward trend is still intact. In terms of wave analysis, we can see that the price could be moving in a wave (5) of Intermediate degree in blue. At the same time, Palladium is developing a wave ((5)) of Primary degree in black. 

Palladium Weekly

From the graph above, we can observe that the fifth impulsive wave corresponds to an extended bullish sequence. At the same time, it is not excluded that the price could develop a movement that would acquire a greater acceleration.

On the other hand, the RSI oscillator shows a bearish divergence. This confirms that the action of the price is developing a fifth wave. However, this does not mean that the price will make a reversal movement immediately, but that the rally in progress is running out.

The following Palladium daily chart shows the price action developing an upward impulsive movement that could correspond to a wave 5 of Minor degree in green. 

Palladium Daily

The next key resistance is at $1,825.01 per ounce, the all-time high reached on October 30.
 


 

Try Secure Leveraged Trading with EagleFX!

Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD skyrockets to 1.2150 on poor US jobs figures

EUR/USD has hit a new multi-month peak above 1.2150 after the US reported an increase of only 266,000 jobs in April against nearly one million expected. The dollar is under immense pressure. 

EUR/USD News

GBP/USD soars toward 1.40 after disappointing Nonfarm Payrolls

GBP/USD has been extending its gains after the US Nonfarm Payrolls badly disappointed with an increase of only 266,000 jobs in April, nearing 1.40. Earlier, sterling benefited from the UK Conservative Party's gains in local elections. 

GBP/USD News

XAU/USD soars above $1,835 after weak Nonfarm Payrolls

Gold has leaped above $1,835 after the US reported an increase of only 266K jobs in April, far below expectations. Lower US yields support the precious metal.

Gold News

Judge reaffirms order SEC must produce documents on Bitcoin, Ether and XRP in Ripple case

Ripple's victory granted the firm access to the SEC's documents on the three leading cryptocurrencies. The regulatory agency recently denied the possession of these documents.

More Dogecoin News

S&P 500 and Nasdaq: Can the Fed pump anymore after weak jobs report

Well, that was an interesting jobs report. Not too many people were forecasting that one. Just in case you missed it NFP were forecast to come in around the 1 million jobs gained but instead the US only added 266k.

Read more

Majors

Cryptocurrencies

Signatures