Has Palladium Found A Bottom?

My Q1 2023 quarterly report on precious metals on Barchart highlighted the 5.97% decline in 2022 and the 18.35% drop over the first three months of 2023. Nearby NYMEX palladium futures fell to a $1,336 per ounce low in March 2023 after rising to a $3,380.50 high in March 2022. The move to the record peak came after Russia invaded Ukraine, igniting supply concerns. 

Meanwhile, nearby palladium prices closed Q1 at the $1,466 level and moved higher in April. In early May 2023, the price was back near the Q1 closing level, but palladium may have found a significant bottom in March 2023 at $1,336 per ounce. 

The Aberdeen Physical Palladium ETF (PALL) does an excellent job tracking palladium prices. 

Palladium is the least liquid of the four precious metals in the futures market

Palladium futures on NYMEX reached the lowest price since June 2019 in March 2023 at $1,336.