Palladium price pumping Palladium price soars increasing by 1.8 percent and currently standing at $1561.52, as the Association of Mineworkers and Constructor’s Union plans “to embark on secondary strikes… particularly in the gold and platinum sectors.”
The Minerals Council South Africa has revealed 15 member companies have received notices to go on strike from night shift of 28 February until 07 March 2019. The 15 companies are said to consider the notice and “do everything in their power” to prevent such course.
Meanwhile, gold prices remain flat with spot gold price seen at $1,329.30 and US gold futures at $1,331.25.
PALLADIUM trade ideas
Palladium: Short opportunity approaching.XPDUSD is trading on a long term 1W Channel Up that has reached overbought levels (RSI = 83.871, STOCHRSI = 100.000, ADX = 94.173, Williams = -4.387). If the 1D RSI hits 79.00 - 80.00, we will go short with TP = 1,448.
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Palladium Short OpporutnityPalladium is flirting with 1500, all time high. While demand for catalytic converter is increasing, supply deficit of Palladium increasing helping rally since many months. 4 hourly chart shows clear negative divergence providing a short opportunity. 1450 remain near term target.
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XPD/USD sell setupXPD rejected my level nicely, but is now breaking the high in what seems to be an incomplete upward corrective structure. Watch for a potential sell setup at the 1475 quarters level, which is the 27% extension of last correction. Obviously the 1500.00 level is significant also should it shoot to it.
Palladium: Trifoil ( COM ) 4hrFor the Palladium 'enthusiast'.
Platinum Jag has no logic for where it swims : so Palladium has no logic for where it flies.
Three Parabolic channels where extracted from the late '18 and early '19 action: A () Orange, B () Violet and C () Green.
B and C additions to the previous posting. the lower blue Channel is where it should be trading. before the Jag jumped away mid Aug '18.
I feel the panorama is more balanced now and can admit greater volatility.
currently The jag is in the intersection of A () and B () . C () is the correction side. B() the current soapy climb. A () catastrophically steep.
If I had to push a word on this Jag I would say 'Anti-gravitational'
Palladium SHORT *Scalp only*More bearish divergence on the 4H (daily and weekly too). As we can see, each time divergence is present, we get a nice shorting opportunity before the trend continues upwards. I'm by no means calling long term TOP, but on the 4H we have topped out IMO and should get a decent dip to the mid to low 1300s, thus it's an excellent shorting opportunity for those who like to day trade. SL at the swing high. GL!
Palladium continues to crash - XPDUSD ShortPalladium was surging last couple of months creating a bubble. I think it's now in reverse. This is also supported by the fundamental change in the economy. We can see signs of global slowdown, especially in China and Europe, so demand for cars should fall. Palladium can see this already.