Palladium Trading forecasts and signals

EUR/AUD: economic concerns in Australia and Germany affect the pairThe EUR/AUD pair is correcting after a volatile start to the week, trading at 1.6840 and updating the lows of recent days.Despite attempts by the euro to strengthen, macroeconomic data did not provide sufficient support. In June, German industrial production fell by 1.5% compared to the previous month, which was unexpected for analysts who had expected an increase of 0.5%. At the same time, inflation in the Eurozone remains at a high level, which increases pressure on the European Central Bank (ECB) to further tighten monetary policy.On the other hand, Australia's macroeconomic indicators also raise concerns. The Reserve Bank of Australia (RBA) left the interest rate at 4.10%, which was expected by the market. However, economic activity in the country is showing signs of slowing down, especially in the construction sector, where the business activity index fell to 47.9 points, indicating a reduction in activity. This creates additional challenges for the Australian economy, despite high commodity prices, which traditionally support AUD.Resistance levels: 1.6900, 1.7000.Support levels: 1.6750, 1.6600.GBP/NZD: UK unemployment rate rises to 4.3%The GBP/NZD pair is correcting after a bearish start to the week, trading at 2.1189 and updating recent lows.Despite attempts by the pound to strengthen, macroeconomic data did not provide sufficient support. In the UK, the unemployment rate increased to 4.3% from 4.1% last month, which caused concern among investors. Inflation in the country remains high, which puts additional pressure on the Bank of England in terms of tightening monetary policy. In turn, the Reserve Bank of New Zealand left the interest rate at 5.5%, which was expected by the market, but this did not lead to a significant strengthening of the New Zealand dollar.Analysts predict that in the coming weeks, the GBP/NZD pair will trade in the range of 2.1000-2.1300. Despite the weak macroeconomic data, the pound may receive support in the event of an improvement in economic conditions in the UK or an increase in negative economic data in New Zealand. Investors are also closely monitoring the actions of central banks, which may significantly affect the further dynamics of the currency pair.Resistance levels: 2.1300, 2.1450.Support levels: 2.1000, 2.0850.Palladium market analysisPalladium is correcting after a volatile start to the week, trading at $925.15 per ounce as of August 8, 2024.Despite steady demand from the automotive sector, the global palladium market continues to experience significant fluctuations in 2024. In the first half of the year, palladium prices reached an annual low of $859.15 per ounce in February, but then recovered to $963.50 at the end of June. In July, the price declined again, reaching $881.00, due to the high level of volatility and instability in the global economy. The demand for palladium in the automotive industry remains a key factor influencing the price of the metal. According to the World Platinum Investment Council, demand in the automotive sector will remain stable at 8.45 million ounces in 2024. At the same time, the total supply of palladium, including extraction and processing, will be about 10.03 million ounces, which leads to relative stability in the market.Analysts predict that palladium prices may fluctuate in the range of $900-$1,000 per ounce in the coming months. It is expected that an increase in supply due to recycling and stable demand from the automotive industry will support the market. Nevertheless, possible changes in the global economy and geopolitical instability may continue to affect the price of palladium.Resistance levels: 950, 1000.Support levels: 900, 880.Coffee market analysisThe coffee market on the commodity exchange shows interesting dynamics on August 8, 2024. The coffee trade remains active despite a number of economic and political factors influencing the quotes.Despite the increase in global demand for coffee, quotes continue to experience volatility. First of all, this is due to a change in consumer preferences and the growing popularity of specialty coffees. The European market accounts for a significant share of global coffee consumption, especially in countries such as Germany, France and Italy. The demand for high-quality coffee and specialty varieties continues to grow, which supports prices in the market. According to the latest data, the global coffee market is estimated at US$161.66 billion and is expected to grow to US$ 207.07 billion by 2032. The growth of the market is supported by an increase in the number of coffee shops and cafes, especially in the Asia-Pacific region, where the influence of Western culture is increasing and the young population is actively adopting new consumption trends.Political instability in some coffee-producing countries, such as Brazil and Colombia, also affects supply and, consequently, prices. For example, policy changes, the introduction of trade barriers and currency fluctuations can significantly affect exports and domestic coffee prices. Analysts predict that coffee prices may fluctuate in the coming months depending on weather conditions in the growing regions, political stability in the producing countries and global economic trends. It is expected that the growth in demand for organic and specialty coffee will continue, which will support the market in the long term.Resistance levels: 950, 1000.Support levels: 900, ...

The growth of Silver over the past year has 18 times exceeded the rate of Gold price appreciation.Demand for Silver may rise to a six-year high this year amid increased industrial use of the precious metal and rising inflation.Over the past 12 months, Gold has risen by 4.3%, while prices have fallen by 6.5% since the beginning of this year. Silver has gained 78% in price over the year. This is the best indicator among precious metals (Palladium +60%, Platinum +59%).Since November, investors have been steadily reducing their investments in Gold ETFs (Exchange-Traded Funds). The volume of investments has fallen to about the same level as it was a year ago. However, in the case of silver, the situation is different: over the year, investments in Silver ETFs increased by a third.Global demand for Silver in 2021 will grow by 11% to 1.025 billion ounces, the Silver Institute predicts. The main driver of growth will be the improvement of the macroeconomic indicators of the world economy. Demand for physical Silver could rise to a six-year high of 257 million ounces.The company Heraeus Precious Metals recently published an analytical review, which notes that silver will show a better return in percentage terms this year than Gold.The rise in Silver prices will be supported by inflation and industrial demand, as the global economy gradually recovers from the effects of the spread of Covid-19. The precious metal is in demand in the electronics sector, as well as in the production of solar panels.In addition, precious metals are an excellent means of protecting your savings from inflation, especially during a crisis. In case of growing concerns about further acceleration of inflation, the demand for silver as a protective asset from investors will ...