Meanwhile, Ford is planning layoffs over the next three years targeting 2,300 employees from the administrative division in Germany, 1,300 from the UK and another 200 positions from Ford’s European branches.
Although the move adds to Ford’s long list of layoffs after cutting thousands of workers over the past year, the company stated that this decision was forced to be taken so that Ford could boost revenue from the production of electric vehicles.
Technical Review
Palladium printed a new low of 1464.30 in Tuesday’s trading (14/02). The downside bias has been dominant, ever since the 1768.35 June 2022 rebound failed to sustain the rally and stalled at 2340.63. Since then, the price of this commodity has fallen back to today’s fresh 4-year low. The price position of this commodity is below the 26-week moving average with RSI and AO in the sell area. Continued weakness is likely to test 1262.72 as further support. While on the upside it will be held at 1768.35 and 1838.25 resistance.
Bank of America expects palladium to trade at $1,865 per ounce in 2023, down from $2,126 last year; ANZ Research projects palladium to rise to $2,150 in December 2023 from $1,927 in December 2022, helped by better automotive growth prospects, and before dropping to $1,600 in December 2024.
