Palladium Looks To Go Higher

Palladium Looks To Go Higher
Palladium Looks To Go Higher

Palladium Futures–Palladium futures in the September contract is trading higher for the 7th consecutive session up another $14 at 1,452 continuing its bullish momentum hitting a 2 1/2 month high.

I have been recommending a bullish position from around the 1,388 level and if you took that trade the stop loss remains under the 10 day low standing at 1,305, however in next weeks trade that will start to improve therefor lowering the monetary risk. The next major level of resistance is the all-time high which was hit on March 21st at 1,563 as I think prices will test that area as a nice rounding bottom technical pattern has developed so continue to play this to the upside as there is room to run in my opinion.

Palladium prices are trading far above their 20 and 100 day moving average as the trend is strong to the upside as strong demand continues to support prices as the whole precious metals sector looks bullish except for copper.

Volatility in palladium is high and it will remain that way so make sure you place the proper stop loss as I will not add to this commodity due to the fact that the contract size is so large already as that would be over trading.

TREND: —-HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY: HIGH

 

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