The 1120 support level has been broken — I expect the decline to continue under current conditions.
I’m not entering a short position here: the stop would be too long, and I avoid chasing the chart.
Instead, I’ve chosen gold to trade the short-term downward move in metals — the short setup there looks more appealing.
Big Picture
My view on the commodities market trend remains unchanged: I believe the upward cycle is not yet complete, and the main phase of growth is still ahead. The current move is a correction.
For palladium, I’m watching from the sidelines, expecting the price to head lower. My target zone is 1040–1020 (based on the weekly chart). Around this area, I’ll be looking more closely for long opportunities. I expect such chances could emerge in September.
I’m not entering a short position here: the stop would be too long, and I avoid chasing the chart.
Instead, I’ve chosen gold to trade the short-term downward move in metals — the short setup there looks more appealing.
Big Picture
My view on the commodities market trend remains unchanged: I believe the upward cycle is not yet complete, and the main phase of growth is still ahead. The current move is a correction.
For palladium, I’m watching from the sidelines, expecting the price to head lower. My target zone is 1040–1020 (based on the weekly chart). Around this area, I’ll be looking more closely for long opportunities. I expect such chances could emerge in September.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.