Palladium, Short term, Long Target $1050 US/oz
Palladium has been in a nice long up trend now for 18 months+. It has outperformed all precious metals and is hovering around the same price as platinum. I think this rally still has another leg or two to go before we start to see the eventual decline. It has to be noted what palladium is used for to understand why it may decline in price. This year there has been a deficit, causing prices to rise, however it was used as an alternative to platinum in catalytic converters, now platinum is cheaper so manufacturers 'could' change back to save money. In terms of technical analysis, i am currently aiming for $1000 before the year is over, i think that $905 is a good support since long term that was the high of 2014. i break below that level the next target would be $835. breaking below the 100/200 SMA, from there onward we could see a further decline. But currently my target would be $1000 a close above this level, my next target would be $1050 then $1100. Palladium is a very volatile metal and can move quickly and big!
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