Palladium Futures—-Palladium futures in the September contract is currently trading higher by $18 at 1,491 hitting prices that we haven’t seen since March 27th as we have now traded higher 9 out of the last 10 trading sessions.
I have been recommending a bullish position from the 1,388 level and if you took that trade the stop loss tomorrow will be 1,338 as that will be raised on a daily basis as the chart structure will improve therefore the monetary risk will be reduced significantly.
The scary thing about the stop loss as it’s still standing around $14,000 away as that is how large of a contract palladium is as this can experience tremendous price swings on a daily basis with high risk, but I thought the risk /reward was in your favor when I recognized the rounding bottom technical chart pattern.
Traders are awaiting this afternoon’s highly anticipated Federal Reserve announcement on interest rates as that will have a major impact on palladium and the precious metals as I’m also recommending a bullish silver position as I think strong demand will continue to push prices higher so stay long as who knows how high prices could go.
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