News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.47%, while traders in Wall Street are at opposite extremes with 74.57%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ydWxl8vBrm
  • RT @IGSquawk: Robinhood opens at $38 before briefly touching through $40 $HOOD 37.05 -2.5%
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 3.09% Gold: 1.40% Oil - US Crude: 1.36% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/RaPjCTUhoN
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.86% 🇨🇦CAD: 0.66% 🇬🇧GBP: 0.41% 🇪🇺EUR: 0.33% 🇯🇵JPY: 0.30% 🇦🇺AUD: 0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/aedAWqGkhx
  • In the aftermath of the FOMC's taper talk, the US 2Q GDP miss has added to the Dollar's tumble but not weighed the S&P 500. DailyFX's @JohnKicklighter 👇 https://t.co/639Y34LoWI
  • In the aftermath of the FOMC's taper talk, the US 2Q GDP miss has added to the Dollar's tumble but not weighed the S&P 500. DailyFX's @JohnKicklighter discusses Down pointing backhand index👇 https://t.co/hJbVcsxyER
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.54% Wall Street: 0.52% Germany 30: -0.05% FTSE 100: -0.08% France 40: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/KovwTZk8iu
  • $GBPUSD not far off the big 1.4000 psych level that has been in focus for much of the year https://t.co/ieYPFxCX3l
  • $USDCAD has dropped below its 20-day moving average for the first time in 38 trading days. As far as monetary policy focused crosses go, this is a good one; and the BOC has already tapered twice as the Fed drags its feet https://t.co/18gBHWKzJ8
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.76% 🇬🇧GBP: 0.51% 🇨🇦CAD: 0.44% 🇪🇺EUR: 0.33% 🇦🇺AUD: 0.23% 🇯🇵JPY: 0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6IgbcOeZDZ
Forex - Palladium Price likely to Reverse

Forex - Palladium Price likely to Reverse

Research, Research Team

Highlights:

The price of palladium is all set to end the week in the positive, extending its weekly gains to the second in a row. The precious metal is up 3.18 percent for the week, settling at $731.7 on Thursday.

Palladium has been having a dream run, closing the last seven sessions with gains, not seen since July last year and rebounding more than 5 percent from the lows, earlier this month.

Palladium prices for March delivery closed at $731.90 on Thursday, up 3.14 percent for the week, with a positive basis of 0.20 cents. According to the Commitment of traders report published by CFTC, open interest was lower by 239 contracts in the latest week. Commercials continued to remain net- short on the precious metal while speculators were broadly bullish.

forex-Palladium-Price-likely-to-Reverse-0018_body_Image50.jpg, Forex - Palladium Price likely to Reverse

The Week Ahead

Technical view:

Key points:

• Palladium approaching crucial long term breakout

• Palladium prices likely to reverse all the gains from the last few sessions

Spot Palladium was trading at $730.8 a troy ounce at 5AM GMT on Friday, slightly lower from Thursday’s $731.7 close. Although the near term view remains bullish, with palladium prices likely to test resistances at $740.00- 760.00 over the next few trading sessions, there is also a possibility of profit booking coming in after Palladium rallied more than 5 percent in the last seven trading sessions.

The precious metal is likely to face stiff resistance at the $740.00- 760.00 levels; medium to long term breakout points, with trend lines being plotted from the highs of February 2011 and highlighted in black on the charts , with an expectation for prices to reverse from these levels. However, if palladium prices close above $760.00 an ounce, we’re looking at all time highs in the price of the precious metal.

Supports are placed at $660.00- 700.00 and, in all likelihood, should be triggered during the next couple of weeks.

Strategy:

Palladium for the week remains a short on gains strategy. Look to short the precious metal on gains from $740.00- 760.00 a troy ounce with likely stops at $770.00 Any gains in palladium prices above $770.00 should be used to stop and reverse positions for targets of $840.00- 850.00.

Palladium Price - Weekly Chart

forex-Palladium-Price-likely-to-Reverse-0018_body_Image51.jpg, Forex - Palladium Price likely to Reverse

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

DISCLOSURES