Platinum reaches $2,000; Palladium breaks 2023 Highs – Metals Outlook
Since yesterday's CPI report, metals have been rising through irregular waves, but still rallying more consistently than other asset classes.
Platinum (XPT/USD) is once again leading the pack as its push toward decade highs continues, but one metal that we haven't discussed much is Palladium (XPD/USD), which is also printing new multi-year highs.
It appears that a new trend for alternative precious metals has begun.
Unlike the more popularly traded Gold and Silver, both Platinum and Palladium derive significant value from their extreme rarity and highly specialized industrial uses.
Palladium is essential to make Power cells, medical equipment, and automobile catalytic converters.
After being subject to a gigantic squeeze in 2023, the metal's performance was heavily hindered for a while, but it is now playing catch-up in a high fashion.
We will cover the metal in a detailed analysis next week, as we dive into intraday charts and technical levels for Palladium, Platinum, and Gold – Which is attempting a run to its all-time highs.
Palladium (XPD/USD) 8H Chart
Palladium is up a staggering 31% since November 20th and Fed's Williams' Rate Cut indication.
Current trading levels are actually overbought, pointing towards a short-term consolidation or retracement.
In the event of a retracement, keep an eye on the $1,650 level for bull/bear indications:
- Bouncing higher from there should see major continuation towards the 2023 Highs of $2,000
- Breaking lower should test the lower bounds of the Major Ascending Channel around $1,500.
Palladium Technical Levels to keep on your charts:
Resistance levels
- Session highs $1,760
- 2023 Highs Resistance $1,800 to $1,830
- December 2022 Pivot $1,980
- $3,015 2022 All-time Highs
Support levels
- Current Pivot $1,650 to $1,670
- $1,500 Major Psychological Support
- November Support $1,350
- $1,100 September Lows Support
Platinum (XPT/USD) 8H Chart – Breaking $2,000
Platinum Technical Levels to keep on your charts:
Resistance levels
- Session highs $2,010
- May 2008 Pivotal Resistance $2,050 to $2,100
- $2,300 2008 All-time highs
Support levels
- $1,950 Past Day Highs retest support
- 2025 Channel upper bound $1,850 (Mini-Support)
- 2013 and Current year highs $1,700 to $1,750
- $1,620 to $1,650 FOMC Support
- Major High Timeframe pivot $1,500 to $1,600
Gold (XAU/USD) 8H Chart and Technical Levels – On track to New ATH
Gold was struggling to generate momentum as other metals have been stealing its spotlight.
After almost wicking to new all-time highs during the CPI session, the precious metal came back to retest its pre-data Support.
Holding strongly between $4,300 to $4,350, momentum pulling higher points to an immediate test of the $4,380 record.
A clean break may see the Triangle Formation measured move (observed here) to materialize, hinting at $4,450 to $4,500 highs.
Levels to watch for Gold (XAU/USD) trading:
Resistance Levels
- $4,374 CPI Highs
- $4,380 Current all-time Highs
- Fib-Induced potential new ATH resistance $4,500 to $4,575
- Session highs $4,350 (and counting)
Support Levels
- Hourly Pivot and Triangle top $4,200 to $4,240
- 50-Day MA $4,150
- Major Pivot $3,950 to $4,000 (200-period MA)
- $3,700 consolidation Support
- $3,500 Major Support
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