Palladium weekly special report based on 1.00 Lot Calculation:
PALLADIUM USE AND MARKET SHARE:
- Palladium is mostly used in catalytic converters by the car industry to reduce harmful gas emissions while tightening regulation is forcing automakers to put more Palladium into each vehicle, which in turn could keep the demand outlook positive. Palladium has also been used in fuel cells to generate power.
- MARKET SHARE (PRODUCERS): Russia is the largest producer holding 43% of the markets, while South Africa is the second largest with 33.00% of the markets. Canada is third on the list with 9.5% of the global production.
- MARKET SHARE (CONSUMERS): China is the largest Palladium consumer with 31%, while Europe and North America (USA) hold 20% each. Japan stands at 11%.
- RUSSIA EXPECTED TO CUT PRODUCTION IN 2024: NORNICKEL, THE LARGEST PALLADIUM PRODUCER IN THE WORLD, TO CUT PRODUCTION IN 2024. The Russian miner said the output of the metal may fall almost 15% to as low as 2.3 million ounces. The company said that its production was down 17% year on year in Q4 of 2023.
EVENTS (USA): ECONOMIC DATA (MONTHLY) FOR JUNE
- THURSDAY, JULY 25 AT 13:30 GMT+1: US GROSS DOMESTIC PRODUCT (GDP) (Q2) (first preliminary data). The US Economy grew by 1.4% in Q1 of 2024, down from Q4 of 2023 of 3.4%. If the trend continues on, the US Fed might be encouraged to act and sooner than later decide to cut its benchmark interest rate in order to support growth. This could potentially support the Commodity prices.
NEWS (CHINA)
- BREAKING (JULY 22): CHINA CUTS SOME OF ITS MAIN INTEREST RATES TO SUPPORT THE ECONOMY. The People’s Bank of China (PBOC) unexpectedly cut its benchmark loan prime rates further into record-low territory on Monday. The PBOC cut its one-year loan prime rate to 3.35% from 3.45%. The PBOC cut its one-year loan prime rate to 3.35% from 3.45%. The PBOC cut its seven-day reverse repo rate to 1.7% from 1.8%
TECHNICAL ANALYSIS:
- PALLADIUM PRICES HAVE TESTED THE MARK OF $900 (OR NEAR) 7 TIMES IN 2024. This is the 8th time the Palladium prices were testing a mark of $900 or near in 2024.
Please note that past performance does not guarantee future results
GRAPH (Daily): January 2024 – July 2024
- 2024 STATISTICS: PALLADIUM TENDED TO RECOVER BY AROUND 12% AFTER TESTING THE MARK OF $900 OR NEAR IT.
DATA SOURCE: Fortrade MetaTrader 4
Please note that past performance does not guarantee future results
PALLADIUM, July 22, 2024
Current Price:895
|
PALLADIUM |
Weekly |
|
Trend direction |
|
|
1300 |
|
|
1060 |
|
|
960 |
|
|
840 |
|
|
830 |
|
|
820 |
Example of calculation base on weekly trend direction for 1.00 Lot1
|
Pivot Points |
||||||
|
Profit or loss in $ |
40,500 |
16,500 |
6,500 |
-5,500 |
-6,500 |
-7,500 |
|
Profit or loss in €2 |
37,190 |
15,152 |
5,969 |
-5,051 |
-5,969 |
-6,887 |
|
Profit or loss in £2 |
31,321 |
12,760 |
5,027 |
-4,253 |
-5,027 |
-5,800 |
|
Profit or loss in C$2 |
55,642 |
22,669 |
8,930 |
-7,556 |
-8,930 |
-10,304 |
1. 1.00 lot is equivalent of 100 units
2. Calculations for exchange rate used as of 10:50 (GMT+1) 22/07/2024
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.