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Forex - Palladium Price likely to Reverse

Forex - Palladium Price likely to Reverse

2014-02-14 17:16:00
Research, Research Team
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Highlights:

The price of palladium is all set to end the week in the positive, extending its weekly gains to the second in a row. The precious metal is up 3.18 percent for the week, settling at $731.7 on Thursday.

Palladium has been having a dream run, closing the last seven sessions with gains, not seen since July last year and rebounding more than 5 percent from the lows, earlier this month.

Palladium prices for March delivery closed at $731.90 on Thursday, up 3.14 percent for the week, with a positive basis of 0.20 cents. According to the Commitment of traders report published by CFTC, open interest was lower by 239 contracts in the latest week. Commercials continued to remain net- short on the precious metal while speculators were broadly bullish.

forex-Palladium-Price-likely-to-Reverse-0018_body_Image50.jpg, Forex - Palladium Price likely to Reverse

The Week Ahead

Technical view:

Key points:

• Palladium approaching crucial long term breakout

• Palladium prices likely to reverse all the gains from the last few sessions

Spot Palladium was trading at $730.8 a troy ounce at 5AM GMT on Friday, slightly lower from Thursday’s $731.7 close. Although the near term view remains bullish, with palladium prices likely to test resistances at $740.00- 760.00 over the next few trading sessions, there is also a possibility of profit booking coming in after Palladium rallied more than 5 percent in the last seven trading sessions.

The precious metal is likely to face stiff resistance at the $740.00- 760.00 levels; medium to long term breakout points, with trend lines being plotted from the highs of February 2011 and highlighted in black on the charts , with an expectation for prices to reverse from these levels. However, if palladium prices close above $760.00 an ounce, we’re looking at all time highs in the price of the precious metal.

Supports are placed at $660.00- 700.00 and, in all likelihood, should be triggered during the next couple of weeks.

Strategy:

Palladium for the week remains a short on gains strategy. Look to short the precious metal on gains from $740.00- 760.00 a troy ounce with likely stops at $770.00 Any gains in palladium prices above $770.00 should be used to stop and reverse positions for targets of $840.00- 850.00.

Palladium Price - Weekly Chart

forex-Palladium-Price-likely-to-Reverse-0018_body_Image51.jpg, Forex - Palladium Price likely to Reverse

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