Palladium Futures—Palladium futures in the December contract is trading higher by $6 at 1,724 starting the week off on a positive note continuing its bullish momentum as this by far is the strongest precious metal at the current time.
If you have been following my previous blogs you understand that I’ve been bullish this commodity for months and if you are long a futures contract continue to place to stop loss under the 10-day low standing at 1,630 as an exit strategy, however the chart structure will improve on a daily basis therefor the monetary risk will be reduced significantly.
For the bullish momentum to continue prices have to break the October 17th high of 1,750 in my opinion as I still think there’s a possibility prices could touch the 2,000 level in the coming weeks ahead as the U.S dollar has hit a 2 month low in today’s trade as that is also another bullish fundamental factor towards higher prices.
Volatility in palladium remains high as that situation will not change anytime soon as the theory states the higher prices go the higher the volatility as I see no reason to be short as picking tops is very dangerous over the course of time.
CHART STRUCTURE: IMPROVING
If you are looking to contact Michael Seery (CTA—COMMODITY TRADING ADVISOR) at 1-630-408-3325 as I will be more than happy to help you with your trading or visit www.seeryfutures.com
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