Gold, Palladium vs. Pivotal Supports: $4,000, $1,000 - Technical Outlook Palladium is breaking down within its bear market that began at its 2022 peak near $3,442 an ounce, if its 60-month moving average is a guide. Holding above this mean near $1,400 may be necessary to signal otherwise. My graphic highlights key round-number support near $1,000, which roughly matches the uptrend line from 2009. It looks like this key level will be tested, and a primary driver could be further downward reversion in gold. The graphic featuring both metals on the same scale shows how extended gold is vs. palladium. Gold is beta among the precious metals and looks on track to retest $4,000 support. A breach of this level could be consistent with palladium doing the same near $1,000. My bias is that bounces from key support should be expected, but a top headwind is that most central banks are hiking rates. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tm9vt9n3n095 {BI COMD} #palladium @BBGIntelligence