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Palladium

Market Opportunities - 13/10/2020

13 October, 2020

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

Palladium uptrend opportunity based On 1.00 Lot Calculation:

  • Palladium fell more than $100 in the last two days, due to Take-profit momentum and slight increase of US Dollars against other major currencies, making Palladium more expensive for potential investors.
  • Nevertheless, Palladium stayed in strong positive trend supported by huge stimulus programs from Central banks all over the world and expected additional stimulus from the US government in the next few weeks.
  • Better than expected economic data from China, Palladium biggest importer, increased demand for this metal and also gave a strong backwind to price increase.
  • On the other hand, an increasing number of Coronavirus cases all around the world, influenced investors to invest more money into safe-haven assets such as precious metals like Palladium and Gold, creating even more demand for this metal.
  • Technically, according to the Daily chart, Palladium is in strong upward trend supported by all major technical indicators. The price is above 20-day, 50-day and 200 day Moving averages indicating price increase further. The daily Relative Strength Index fell from 70 but remained above pivotal point of 50, suggesting a good trade opportunity. The price of Palladium is highly volatile, meaning that the big price movement is expected, and that is something which creates Palladium as a good trade possibility. If the price of Palladium manages to stay above $2300 and above the 20-day Moving average, the price may go up toward Resistance 1 of $2415.

Palladium, October 13, 2020
Current Price: 2,330.0

Palladium

Weekly

Trend direction

UP

Resistance 3

2,585.0

Resistance 2

2,500.0

Resistance 1

2,415.0

Support 1

2,245.0

Support 2

2,160.0

Support 3

2,075.0

Example of calculation based on weekly trend direction for 1.00 Lot*

Palladium

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

25,500.00

17,000.00

8,500.00

-8,500.00

-17,000.00

-25,500.00

Profit or loss in €**

21,645.02

14,430.01

7,215.01

-7,215.01

-14,430.01

-21,645.02

Profit or loss in £**

19,579.24

13,052.83

6,526.41

-6,526.41

-13,052.83

-19,579.24

Profit or loss in C$**

33,467.22

22,311.48

11,155.74

-11,155.74

-22,311.48

-33,467.22

* 1.00 lot is equivalent of 100 units
** Calculations for exchange rate used as of 14:10 (GMT+1) 13/10/2020
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Senior Account Manager for more details

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