(Kitco News) – Trying on the each day spot palladium chart it looks like the bulls have taken charge once again after a brief retracement to $2522.0/oz. The general trend has been very positive recently as the electric/hybrid vehicle market continues to keep demand at high levels.
Back to the technicals, and there was a textbook bounce at the previous consolidation high and now the previous wave high looks to be the next target at $2755.50/oz.
Beyond that, the all-time high stands at $2875.50/oz and this could seem like the next logical target. In the March monthly candle, the value of the precious metal rose a whopping 13.11% which is the most since February 2020 when the all-time high was achieved.
While some of the other main precious metals continue to struggle and maintain within current trading ranges its nice to see one that is still providing the bulls with something to shout about.
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