Palladium is currently taking a dive, and something similar is happening with Gold and Silver right now. The news is likely fueling this and the decline could be short-lived.
In April of this year, price had broken out and created a new record high at $3017, hitting the $3000 round number. This psychological level of resistance created an obstacle for price and forced price down.
This week, we see a strong bearish move with the next level of support based on this timeframe being the 50 simple moving average.
Price has used this indicator as support several times in this stock’s history, so this is the obvious level that price may gravitate towards.
Palladium has been making good progress since the 47% decline during the 2020 global pandemic, and this is just another bump in the road that price will need to navigate around.
Patience for now as we wait to see how far price will drop and what price will decide to do once it finds support.
See below for more information on our trading techniques.
Hi where dobyou see this going next week, ive been long all week and starting to look ugly not sure whether to hold on patiently or jump ship..thanks..same for plat and copper..your opion please
Sublime_Trading
⋅
Hi @LuckyPat, the simplest way to approach an asset is to let price dictate and then react accordingly. This then removes opinions. One of the first rules of good investing/trading is to ignore opinions including your own. We have not had any positions running on Palladium for sometime. We were waiting for a break and close above $3000 before considering a long position. This did not happen and so we avoided getting caught up in this correction. The long term trend is bullish and that is our overall bias but how far price may drop first is down to the forces of the market. This is why it is essential to have a pre-thought-out exit management system through a well-placed initial stop-loss and then a TSL once price starts moving in your favour. We have no positions on Platinum either. We are long on Copper and still holding for now although we are considering tightening stop-losses across all positions to lock in profit. We hope that helps?