Platinum and Palladium Shed Bullish Light on the Whole Precious Metals Market
Precious metals market as a whole has been sending mixed signals recently. We've seen local bottoms in gold and silver along with indications of a strong rally emerging, but then the prices refused to go much higher and currently there seem to be no clear signs as to when the rally resumes, based on the charts of these metals alone.
This is why in today's article we delve into platinum and palladium markets in search of a spark that could rekindle the bull market. Let us then move to the technical part of today's article - we will start with platinum's medium-term chart (charts courtesy by stockcharts.com.)
The picture is bullish here as no invalidation of the recent breakout has been seen. Prices have actually held pretty well here while price declines have been seen for most of the precious metals in recent weeks. Moreover, platinum has been rallying on Monday without even moving below Friday's close.
Let us now move on to palladium's medium-term chart.
In the chart, the outlook remains bullish as the breakout has been more than verified and higher prices have been the norm for several weeks now. Palladium's prices have fared even better than platinum's of late and have approached their September highs. This is far from the case for gold, silver, platinum, or the mining stocks which are all well below their September price levels. Even though palladium is doing pretty well today (about 0.5% higher than Friday's close at the moment of writing of this article), the RSI indicates that a pause in the recent rally is likely here, so caution seems warranted with respect to opening speculative long positions in palladium for those inclined to do so.
Summing up, platinum and palladium provide us with some bullish medium term signals for the precious metals sector.
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Thank you for reading. Have a great and profitable week!
Przemyslaw Radomski, CFA
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All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.