Palladium has certainly shined brightly this year and has been one of the best performing assets all year - up 40-50% depending on your stock and entry in the precious metal.
Currently we formed a correction but have regained over 1700 status and I am eyeing some minor upwards consolidation for a few weeks with an eventual test of 1800, then a new ATH within the next 2-3 weeks before breaching around 2000 sometime later this year or into Q1 of 2020.
Once we breach into the 2000-2100.00 range I suspect economic data will begin (based on timing), to finally show-up in the equity market and this will hinder Palladium from further gains as a result of it being tied to manufacturing/productive capacity. However, with the world focusing on "clean", "green" and the "environment", Palladium's price should remain elevated at the 1600 level +/- 100.00 for several months before falling lower.
Once a recession happens (whenever that may-be - I forecast one by late 2020), I believe the price of Palladium will likely slip to anywhere from 1300 to 1400 (impossible to know exactly where).
For investors, Palladium is certainly a precious metal for long-term money; unlike Gold and Silver which are more fiat currency hedges, Palladium has mass "real-world" uses and its use will only surge as time progresses. For traders, there will be several good short opportunities but now is not the time.
- zSplit
Currently we formed a correction but have regained over 1700 status and I am eyeing some minor upwards consolidation for a few weeks with an eventual test of 1800, then a new ATH within the next 2-3 weeks before breaching around 2000 sometime later this year or into Q1 of 2020.
Once we breach into the 2000-2100.00 range I suspect economic data will begin (based on timing), to finally show-up in the equity market and this will hinder Palladium from further gains as a result of it being tied to manufacturing/productive capacity. However, with the world focusing on "clean", "green" and the "environment", Palladium's price should remain elevated at the 1600 level +/- 100.00 for several months before falling lower.
Once a recession happens (whenever that may-be - I forecast one by late 2020), I believe the price of Palladium will likely slip to anywhere from 1300 to 1400 (impossible to know exactly where).
For investors, Palladium is certainly a precious metal for long-term money; unlike Gold and Silver which are more fiat currency hedges, Palladium has mass "real-world" uses and its use will only surge as time progresses. For traders, there will be several good short opportunities but now is not the time.
- zSplit
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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.