Palladium Futures—Palladium futures in the September contract are sharply lower this Tuesday afternoon currently down $47 at 1,516 as I had been recommending a bullish position from around the 1,388 level getting stopped out around the 1,526 area as it is time to move on and become neutral.
Palladium prices have been the strongest out of the precious metals for quite some time but everything comes to an end, however I am certainly not recommending any type of bearish position as I still think higher prices are ahead, but as a trader you must have an exit strategy. The precious metals as a whole are mixed today as gold is lower, but silver and platinum are higher as I have bullish recommendations across-the-board accept in gold as I still think this sector is beginning a secular bullish multi-year trend.
Volatility in palladium certainly has increased over the last several days as we’ve experienced about a $100 trading range in just 4 days so sit on the sidelines and wait for better chart structure to develop as the rounding bottom chart formation that took place in the month of June and worked very well.
CHART STRUCTURE: POOR
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