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Palladium on Path to Bearish Correction? Silver Outlook Bullish

Palladium on Path to Bearish Correction? Silver Outlook Bullish

2019-12-24 04:00:00
Dimitri Zabelin, Analyst
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Palladium, Silver, XPD/USD, XAG/USD – Talking Points

  • XPD/USD retreats after reaching $2,000 – is a larger correction in the cards?
  • XAG/USD broke key resistance layers and may now experience bullish surge
  • What is the primary fundamental factor impacting palladium and silver prices?

Palladium on Edge of Bearish Correction?

Year-to-date, Palladium has rallied over 46 percent and briefly topped $2,000/oz, the highest on record for XPD/USD. Shortly after reaching the milestone, Palladium fell over seven percent and experienced its biggest one-day drop since August 1. XPD/USD is now testing a familiar resistance-now-turned support between 1823.10 and 1812.10.

XPD/USD – Daily Chart

Chart showing Palladium Prices

XPD/USD chart created using TradingView

A break below that range with follow-through could catalyze a selloff until the precious metal hits a multi-layered support area between 1680.32-1705.00. Heading in Q1, XPD/USD may attempt to re-test the $2,000/oz landmark if favorable fundamental factors continue to support upside momentum. Learn more about what has been driving Palladium prices in 2019 here!

Silver Price Outlook

Silver prices have broken above the September descending resistance channel and the upper lip of the 16.754-17.208 congestive range with confirmation, signaling a bullish surge may be in the cards. I highlighted the importance of this cross-section in my previous piece outlining my bullish outlook for silver prices. Looking ahead, XAG/USD may rise with confidence until it hits resistance between 18.117 and 18.218.

XAG/USD – Daily Chart

Chart showing silver prices

XAG/USD chart created using TradingView

Fundamental Factors Affecting Silver Prices, Palladium

The US-China trade war will likely be the biggest factor impacting these precious metals. For palladium, weaker car exports out of a China could weigh on demand for XPD, a key input used in the production of catalytic converters. For XAG, an escalation in trade tensions could boost Fed rate cut bets and boost demand for anti-fiat hedges like silver higher.

SILVER TRADING RESOURCES

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

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

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