Possible Palladium Trade Opportunity
PALLADIUM sinking since 2022, fast. The price fell from over $3000 to below $1000. The pain however might end in 2024. The recovering auto sector, jump in manufacturing PMIs and future rate cuts might give PALLADIUM some breathing room. ETF holdings of gold, silver and platinum all fell in the last year while the palladium holding rose by %20 and more than %5 of it came in January. Palladium (-54.99) fell much more than its sister Platinum in the last two years (-12.13%) and a possible correction might be in due.
My case for Palladium is positive with the recovery of manufacturing, incoming rate cuts and correction of oversold price. The technical side is still not looking solid though. I decide to risk it becasue of huge increase of ETF Palladium holding in the last months. With 11% risk I expect a jump towards $1500. I will update my stop if price pick up and broke the falling wedge formation.
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