Palladium Futures—Palladium futures in the September contract is currently trading down $7 at 1,531 after settling last Friday at 1,499 continuing its bullish momentum as I still believe higher prices are ahead.
As I have talked about in many previous blogs I think palladium prices could possibly go as high as 2,000 as there is strong demand coupled with short supplies which continues to fuel this market higher. I have been recommending a bullish position from around the 1,388 level and if you took that trade the stop loss has been raised to 1,448 as the chart structure will improve everyday next week therefor the monetary risk will also be lowered.
Volatility in palladium is extremely high as we had a $40 trading range already this afternoon as this commodity will experience incredible volatility in the coming months ahead in my opinion.
The precious metal sector remains bullish in my opinion as I also have a recommendation in silver and I’m keeping a close eye on the platinum market as this sector has probably the strongest bullish trends at the current time so continue to stay long as I see no reason to go short.
CHART STRUCTURE: POOR
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