Key Points

• Dollar weakens against major currencies
• Vaccine optimism causes some price set back
• Technical analysis

Palladium prices rose on last week, as the US dollar fell against its peers, amid optimism about the Covid-19 vaccines. The development of an effective vaccine to halt the novel coronavirus is tipped to end the current global health crisis, leading economies to return back to growth and demand for goods to recover after the industrial activities resume. Palladium prices edged higher after Pfizer (PFE; NYSE) and the German firm BioNTech announced that their vaccine was more than 90% effective in preventing Covid-19.

Palladium is a key component used in manufacturing of autocatalytic convertors that reduce exhaust emissions and help in protecting the environment from greenhouse gases. Therefore, the development of a vaccine will be positive news for the Palladium market, because it means the reopening of car manufacturing plants. Demand for motor vehicles is expected to rebound once the current travel restrictions have been lifted.

Palladium prices edged lower on Tuesday amid optimism about the Covid-19 vaccines. The U.S. pharmaceutical giant Moderna (MRNA; NASDAQ) announced on Monday that initial data from the phase of the clinical trials showed that its vaccine is more than 94.5% effective in preventing Covid-19. The greenback slipped back against a basket of major currencies by 0.3% to 92.23 points, after hitting a high of 93.6 points and a low of 92.2 points a multi-month low.

Daily Pivot Points

Name	S3	S2	S1	Pivot Point	R1	R2	R3
Gold	1860.30	1863.30	1876.70	1884.70	1893.10	1901.10	1909.50
Silver	23.959	24.197	24.424	24.662	24.889	25.127	25.354
Copper	3.1069	3.1417	3.1699	3.2047	3.2329	3.2677	3.2959
Platinum	906.24	914.57	924.34	932.67	942.44	950.77	960.54
Palladium	2269.14	2289.87	2307.24	2327.97	2345.34	2366.07	2382.44

Weekly Pivot Points

Name	S3	S2	S1	Pivot Point	R1	R2	R3
Gold	1716.00	1782.00	1834.10	1900.10	1952.20	2018.20	2070.30
Silver	21.004	22.302	23.239	24.837	26.074	27.372	28.609
Copper	3.0021	3.0493	3.1136	3.1608	3.2251	3.2723	3.3366
Platinum	799.81	324.63	859.36	884.18	918.91	943.73	978.46
Palladium	2037.80	2174.10	2246.65	2385.95	2461.50	2597.80	2673.35