Gold Falls As Silver Misses Target

Both top metals couldn’t sustain the growth, although silver was more convincing than gold this time again.

Let’s start with the updated gold chart below.

gold
Chart courtesy of tradingview.com

Gold is still consolidating as it couldn’t overcome not only the nearest peak of $1766 but it also failed right at the top of the AB segment of $1748. The RSI dipped into the bearish zone below the crucial 50 level. So, it’s the right time to put our classic instrument called Fibonacci retracement level as gold watches ground while both feet are in the air. The first important 38.2% Fibonacci retracement level could offer support at $1636. Continue reading "Gold Falls As Silver Misses Target"

Are Palladium, Gold And Silver Set To Takeoff?

In this post, I'll go over the charts for palladium, gold and silver, but first I would like to start with palladium futures as it has the most potential gain to reach this round. At the start of May, I shared with you the map with equal opportunities for this champion metal to either break up or down. Here is how you saw the future for palladium in the graph below.

Palladium Poll

The majority chose the “break down” option, although with a minor advantage, but this bet played out as the metal’s price dipped one more time in the third leg down of a large correction. You were right again!

Now, let’s get down to the hot opportunity that I spotted for you on the palladium futures daily chart as it’s worth watching on the Gold & Silver Primetime.

Palladium Gold Silver
Chart courtesy of tradingview.com

The chart structure of palladium futures on the daily time frame could indeed be posted in the trading textbook as it is neat and smooth. I put detailed explanations here and on the chart as this metal gives such an excellent opportunity for education. Continue reading "Are Palladium, Gold And Silver Set To Takeoff?"

Palladium Is At Decision Point: Fly Or Die?

Sometimes forecasts play out right after it you post on the Blog. This was true for the piece published in February when I wondered if “Another All-Time High Ahead For Palladium?”. The target set in the daily chart in the $2800 area was reached within 10 days as the metal burst into uncharted territory to book a hefty profit of 22% or $500.

To remind you, I suggested three possible scenarios of how the palladium price could go in February. The original chart is below to refresh your memory.

Palladium
Chart courtesy of tradingview.com

Below are your votes on the future of palladium. Continue reading "Palladium Is At Decision Point: Fly Or Die?"

Platinum Could Rocket To $1912

Last time I updated the platinum chart in March was when "Palladium Pushed Platinum To A Record Low" within the ratio mostly due to the strength of palladium. Platinum has hovered around $900 for three years now as it was lost and forgotten after the “execration” of diesel engines. This "fallen angel" had been shaping a sideways consolidation this past spring, and I had thought it could repeat 2018’s drop following the same structure. The targets were set at the $640 and $401 on the downside, and the invalidation point was assigned to $1034.

Let's see below how you voted for the future of platinum.

Platinum

Most of you picked the $1034 option, which implied the breakout of the consolidation in the upside direction towards the invalidation area. This was the closest call as the majority voted for a bullish move, which, indeed, had happened as platinum couldn't break below the consolidation valley of $788 and bounced up to reach the $1000 level this past September. That price hasn't been seen since February 2018. Again, this was your amazingly accurate prediction, not only for that period but also for a longer-term outlook as I spotted it in the big chart below. Continue reading "Platinum Could Rocket To $1912"

Palladium Reached Double Resistance

Back in March, I shared with you an updated chart for palladium. It hit the record high of $1553 by that time to become the most precious metal, and it still is.

Every time the price makes a record high, there is a chance for a reversal. In that post, I measured the AB/CD segments of the upside moves on the chart and both short term and long term measurements showed the equality, which meant the possible exhaustion of a Bull Run. I didn't try to guess the top that time and asked your opinion. Below is the distribution of your votes.

Palladium

Most voters chose the $1600-2000 range for the top of the palladium price, which meant that the established new record should be updated to the upside. Your prediction amazingly came true, but this bet wasn't that obvious as it played out only five months later, when the metal refreshed the all-time high at $1601 in July as only then the price entered the forecasted range. Last week the price did it once again to hit a new record high of $1750, confirming your accurate prophecy. Congratulations!

Let's see what happens with the palladium futures these days in the weekly chart below. Continue reading "Palladium Reached Double Resistance"