The Palladium uptrend from the minimum of 15 December continues. The global inflationary growth pushes prices for all industrial raw materials to increase.
A sharp worsening in the geopolitical situation became an additional growth factor for Palladium. Around 40% of global production volume of this rare metal is in Russia. Traders actively include the potentially supply disruption of Palladium to the world market into the price.
On 25 February, the price bounced upwards from the uptrend line. The RSI has not reached the overbought zone which means the potential for achievement of higher price levels within the current momentum.
The nearest resistance level is the summer maximum of 2021 at 2880. In case of its upward breakdown, the focus will be at the historical maximum of 3015.