Joe Biden won the presidential election and became 46th President of the United States
Palladium price is expected to continue to be supported in the long term
If the price jumps above $2500 again, the next target could be $2550 or even $2600
Joe Biden won the presidential election in his native Pennsylvania on Saturday and will be 46 years old. Palladium’s price is expected to continue to be supported over the long term and could even accelerate in November this year as the global situation stabilizes.
Fundamental Analysis: Palladium sentiment remains optimistic
Palladium has seen a significant rise in price since election day and the price of this precious metal has risen from $2,200 to $2,500 in less than a few days. It is important to note that this precious metal is different from gold or silver in terms of investment.
The price of gold and silver usually increases when the economy is in recession. Palladium price charts show the opposite – it falls when the economy is in a slump. This is one of the reasons why palladium, unlike other precious metals, did not experience a significant price increase during the coronavirus crisis.
It is expected that palladium prices will continue to be supported over the long term and could even accelerate in November of this year, when the global situation stabilizes. Pharmaceutical company Pfizer announced that it may have a coronavirus vaccine ready in the United States by the end of this year.
Vaccines and treatments are still being researched and developed, but there is no patent solution yet. It is important to note that palladium is a precious and industrial metal. As an industrial metal, palladium is mainly used in the automotive industry, where it acts as a catalyst.
The automotive industry was severely affected by the pandemic and many automotive companies suffered a double-digit decline in sales. The price of this precious metal is currently around the $2490 mark, and the mood for palladium remains optimistic in the long term.
Technical Analysis: Bulls focus on breaching the $2500 resistance level
Data source: tradingview.com
The current resistance levels are $2500, $2600 and $2700, $2300 and $2200 represent the current support levels. If the price jumps above $2500 it would be a signal to buy palladium and we have the open path to $2550.
A rise above $2600 supports the continuation of the upward trend and the next price target could be around $2700. On the other hand, if the price drops below $2,300, this would be a strong “sell” signal and we have the open path to $2,200.
Joe Biden won the presidential election in his native Pennsylvania on Saturday and will become 46th president. The price of this precious metal is currently around the $2490 mark, and sentiment for palladium remains optimistic in the long term. A rise above the $2,600 mark supports the continuation of palladium’s upward trend, and the next price target could be around $2,700.