Much has been written about gold and silver. I can’t miss them. But what about metals like rhodium, platinum, and palladium? Not very often.
Let’s take a look at palladium diagrams. Palladium is used in much the same way as platinum, and its atomic weight is one-fifth. Many years ago, palladium was selling for one-fifth the price of platinum, but this relationship has long been established.
In this daily Point and Figure chart for the Continuous Point and Figure palladium futures below, we see a potential upside target in the $ 2,961 area.
In this one-week continuous futures chart for palladium below, we see a steady target of $ 3,648.
In the daily PALL bar chart below, we see that prices have broken up from the six-month consolidation pattern. Prices are trading above the rising 50-day moving average line and the rising 200-day moving average line.
Trading volume increased in mid-March and the On-Balance Volume (OBV) line broke upward from its sideways pattern. The Moving Average Convergence and Divergence (MACD) oscillator held the zero line for several months and then recently turned up.
In the weekly PALL bar chart below, we go back five years to show a long-term uptrend. Prices are ready to retest their highs around $ 270. The slope of the 40-week moving average line is bullish.
The weekly MACD oscillator has just found a new direct buy signal.
On this long-term weekly PALL bar chart below, we are back in 2010 to show a long multi-year baseline pattern of around $ 75. Prices for some time fluctuated around $ 150, which is half the base level. $ 300 is four times the base price, and $ 375 is five times the markup. Precious metals suggest that these targets are conservative. The tenfold increase is $ 750.
Final strategy: Sometimes the most useful strategies are away from the screams. Palladium may be one such possibility.
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