Palladium’s bull run is knocking on a two-year high

Palladium’s bull run is knocking on a two-year high.

Technical Analysis

1. XPDUSD rose toward the previous high near 1,360 after forming a series of higher swings, supported by diverging bullish EMAs that suggest stronger bullish momentum.
   
   
2. If XPDUSD breaks above 1,360, it would mark a new two-year high and may target the next level at 1,500.
   
   
3. However, before pushing higher, it may pull back to test support around 1,170–1,200 before the uptrend resumes.
   
   Fundamental Analysis
   
4. The Palladium bull run is driven by geopolitical tensions, especially the risk of new trade barriers on Russian palladium export, which are creating uncertainty and spurring speculative buying.
   
   
5. In addition, global mine output has not increased meaningfully, and some regions are facing operational and environmental setbacks, tightening global supply.
   
   
6. Another factor is safe-haven demand led by gold, which has lifted the broader precious-metals products and supported demand in palladium.
   
   
7. Overall, palladium prices are supported by supply concerns and robust industrial demand, though volatility is likely in response to production headlines or shifts in precious-metals sentiment.
   
   
8. The outlook is positive but requires caution. Market participants should closely monitor Russia’s export policy and mine updates from South Africa and North America.
   

Analysis by: Krisada Yoonaisil, Financial Markets Strategist at Exness