Analysts at TD Securities suggest that palladium, despite its recent downturn, could still see additional downside in the future. The silvery white metal recently slid below $1000/oz for the first time in half a decade.
(Kitco News) - For precious metals traders looking for opportunities for growth in 2024, analysts have pointed to the recent downturn in palladium as one possible choice, but the silvery white metal could still see additional downside in the future, according to analysts at TD Securities. Palladium prices recently slid below $1000/oz for the first time in half a decade.
This came despite reports of sanctions on the largest precious metals refinery in Russia, and “even as forwards were aggressively borrowed,” according to Daniel Ghali, Senior Commodity Strategist at TD Securities. Despite falling to its lowest price since 2018, Ghali said it has room to fall further as its “price action is only ‘almost extreme.’” “Our change-detection framework suggests the price action is still consistent with recent history,” he said. “Under the hood, however, the framework suggests that price action is inching towards an extreme threshold, implying oversold conditions are near.” TD Securities change detection signa
Palladium Precious Metals Downturn Analysts TD Securities
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin Slides Below $37,000 as Traders Take Profits, ETF Approval Speculation ContinuesBitcoin's climb higher took a breather as it slid below $37,000 following last week's surge. Traders are taking profits while waiting for the approval of the first spot Bitcoin ETF. Some analysts expect approval by mid-January.
Read more »
Legal Software Company Considers Selling Non-Core Assets to Pay Down DebtShares of the legal software company rose significantly after it revealed plans to sell non-core assets in order to decrease its debt. Analysts believe that the sale of the financial infrastructure business could unlock value for the company.
Read more »
U.S. Inflation Eases More Than Expected in October on Falling Gasoline and Used Car Prices(Kitco News) - Analysts cut their projections for fourth-quarter earnings at companies in the S&P 500 by 3.9% in October, according to FactSet, more than twice the 10-year average of 1.8%. That marks the deepest reduction during the first month of a quarter in more than three years.
Read more »
Bitcoin Plunges in Deeper Correction as Stocks Surge on Fed Rate Hike SpeculationThe deeper correction that analysts had been warning about hit the crypto market on Tuesday as Bitcoin (BTC) underwent a selloff that briefly erased all of its gains over the past week before dip buyers arrived to push it back above support at $35,500.
Read more »
City of Ottawa to relaunch online registration system after previous crashesThe city of Ottawa is set to relaunch its online registration system after experiencing crashes with the previous system. In-person registration will open on Wednesday at 10 a.m. The waitlist for activities is long and many parents have been frustrated in the past. A new report reveals that more women died of COVID-19 than men during the early months of the pandemic. Financial analysts speculate that the Bank of Canada may lower the benchmark interest rate, but an economist warns of potential increases in mortgage rates.
Read more »
Analysts: Palladium could see additional downside despite recent downturnAnalysts at TD Securities suggest that palladium, despite its recent downturn, could still see additional downside in the future. The silvery white metal recently slid below $1000/oz for the first time in half a decade.
Read more »