Palladium weekly special report based on 1.00 Lot Calculation:
TECHNICAL ANALYSIS:
- BREAKING: PALLADIUM HAS UNDERGONE A NEGATIVE PRICE CORRECTION OF 26% (near 330 dollars) from $1251.25 to hit the mark of $920 on November 14, 2024.
- STRONG SUPPORT AT $900: PALLADIUM PRICES HAVE TESTED THE MARK OF $900 (OR NEAR) 11 TIMES IN 2024.
GRAPH (Daily): January 2024 – December 2024
- 2024 STATISTICS: PALLADIUM TENDS TO RECOVER ON AVERAGE BY 14.51% AFTER TESTING LOWS NEAR THE MARK OF $900. *(P0 – price for the first period P1 – price for the second period)
DATA SOURCE: Fortrade MetaTrader 4
Please note that past performance does not guarantee future results
US FEDERAL RESERVE HAS BEGUN YET ANOTHER INTEREST RATE CUT CYCLE:
- NEXT FED INTEREST RATE DECISION: Wednesday, December 18, 2024 at 19:00 GMT. As of December 18, the market sees high chances for a 25 basis points interest rates cut. This could bring current rates of 4.75% down to 4.50%. The bank has so far cut rates twice slashing rates from initial 5.50% in September down to the current 4.75%.
CHINA:
- CHINA IS THE LARGEST CONSUMER OF PALLADIUM IN THE WORLD. China is the largest Palladium consumer with 31%, while Europe and North America (USA) hold 20% each. Japan stands at 11%.
- CHINA REPORTEDLY TO TARGET GDP (GROSS DOMESTIC PRODUCT) GROWTH RATE OF 5% IN 2025; MORE STIMULUS TO BE ANNOUNCED. This comes after the meeting among top Chinese officials last week. The economic target will be the same as this year, which China is largely expected to hit after President Xi boasted about it earlier this month. The official target is typically announced in March during the National People's Congress (NPC) session. THE PLAN: Meanwhile, China is said to be planning a record budget deficit of 4% of GDP for next year. That will be a step up from the target of 3% of GDP for this year. For some context, this added 1% of GDP in spending should amount to roughly ¥1.3 trillion (~180 billion dollars). The sources say that the additional stimulus will be funded via issuing off-budget special bonds.
ANALYST OPINION:
Source: Bloomberg Terminal
PALLADIUM, December 18, 2024
Current Price: 913
|
PALLADIUM |
Weekly |
|
Trend direction |
|
|
1100 |
|
|
1050 |
|
|
1000 |
|
|
870 |
|
|
850 |
|
|
830 |
Example of calculation base on weekly trend direction for 1.00 Lot1
|
Pivot Points |
||||||
|
Profit or loss in $ |
18,700 |
13,700 |
8,700 |
-4,300 |
-6,300 |
-8,300 |
|
Profit or loss in €2 |
17,819 |
13,054 |
8,290 |
-4,097 |
-6,003 |
-7,909 |
|
Profit or loss in £2 |
14,704 |
10,773 |
6,841 |
-3,381 |
-4,954 |
-6,526 |
|
Profit or loss in C$2 |
26,763 |
19,607 |
12,451 |
-6,154 |
-9,016 |
-11,879 |
1. 1.00 lot is equivalent of 100 units
2. Calculations for exchange rate used as of 13:00 (GMT) 18/12/2024
There is a possibility to use Stop-Loss and Take-Profit.
- You may wish to consider closing your position in profit, even if it is lower than suggested one.
Trailing stop technique could protect the profit.