Palladium Futures—Palladium futures in the September contract is trading higher for the 2nd consecutive session up another $5 at 1,550 as prices are right near all-time highs looking to continue its bullish momentum in the coming days and weeks ahead in my opinion.
I have been recommending a bullish position from around the 1,388 level and if you took that trade the stop loss has now been raised to 1,461 and 3 days from now will also be raised to the 1,491 level as the chart structure is excellent as the volatility has started to slow down which is surprising.
Palladium prices are trading far above their 20 & 100 day moving average as this trend probably the strongest out of all commodity sectors as I still think there is a chance prices could crack the 2,000 level as strong demand and low supplies continues to fuel prices to the upside.
At the current time I also have bullish recommendations in silver, platinum, and the copper market as I think the precious metals will continue to move higher so place the proper stop loss as I still think there’s room to run to the upside.
TREND: —-HIGHER
CHART STRUCTURE: IMPROVING
VOLATILITY: AVERAGE
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