Palladium Futures---Palladium futures in the September contract settled last Friday at 1,419 while currently trading at 1,445 up about $26 for the trading week as prices are right near a 2 week high.
Palladium prices have been bouncing off the 1,400 level over the last couple of weeks as I had a bullish recommendation a couple of months back which worked out very well as I'm keeping a close eye on another bullish position developing as the chart structure has turned outstanding due to the lower volatility.
I will wait for a 4 week high to develop as we will still not be involved for at least a couple more weeks, but it looks to me that higher prices are ahead despite the fact that we are trading right at their 20 and 100 day moving average as the trend is mixed at the present time.
A double top occurred at the 1,600 level on July 11th as this market fundamentally speaking is bullish with low carryover levels and strong demand, but I'm not willing to stick my toe in the water just yet as being patient is the best thing to do in my opinion.
CHART STRUCTURE: SOLID
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