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Palladium Prices Head North after Rebounding from Six Week Lows

Palladium Prices Head North after Rebounding from Six Week Lows

2014-02-07 18:07:00
Research, Research Team
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Highlights:

Spot Palladium (XPDUSD) ended the session last Friday at $703.30 a troy ounce, down 4.09 percent for the week and extending its weekly losses to the second in a row. Palladium Prices, however, rebounded in the second half of this week after closing at 6 weeks lows on Friday and look poised to end the week with gains.

At 6.30AM GMT on Friday, spot Palladium was trading at $713.70, higher by almost 1.5 percent for the week. Palladium for March delivery was seen trading at $714.30 on Friday, higher by 1.52 percent for the week, after closing the previous week at $703.60. Open interest in Palladium futures was at 39,495 contracts for the period up to 28th January 2014, an increase of 269 contracts, according to CFTC data. Commercials were net short at almost 32,000 contracts, while non-commercials or large speculators were net long with 25,000 contracts.

Palladium_Prices_Head_North_after_Rebounding_from_Six_Week_Lows__body_palladiumxpdpricetable.png, Palladium Prices Head North after Rebounding from Six Week Lows

The Week Ahead

Technical view:

Spot Palladium ended Thursday’s session at $709.00, a troy ounce, extending its gains to the second straight session. The precious metal however, reversed most of its gains to settle 0.20 higher for the day. In a dramatic reversal earlier in the week, the Palladium price rebounded in Tuesday’s session after closing the previous 11 sessions in the negative. Palladium prices rebounded after testing crucial medium term supports at $695.00- 700.00 an ounce; trend lines connecting the lows of September and December of last year. Over the next few sessions, expect Palladium prices to continue higher towards $750.00- 755.00 a troy ounce; medium term resistances connecting the highs of August of last year and January this year. Crucial near term supports placed at $690.00- 700.00 an ounce, where the downside is likely to be capped, at least for now.

Strategy:

Look to enter long Palladium positions at $690.00- 695.00 a troy ounce with stops at around $680.00, for targets of $740.00- 750.00. However, if prices close below $685.00, reverse positions and look to exit at around $650.00- 660.00.

Palladium_Prices_Head_North_after_Rebounding_from_Six_Week_Lows__body_palladiumxpddailychart.png, Palladium Prices Head North after Rebounding from Six Week Lows

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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