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FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

Platinum And Palladium Set To Surge As Gold Breaks Higher

Commodities / Platinum Sep 23, 2020 - 10:49 AM GMT

By: Chris_Vermeulen

Commodities

RESEARCH HIGHLIGHTS:

  • Gold will target the $2,250 level before stalling and attempting another upside price rally targeting $2,500 or higher.
  • Silver will target the $33 price level when the current upside move builds enough momentum, then target $38 or higher.
  • Our next upside price target for platinum is $1,410, representing a +52.4% upside price target.
  • Palladium bottom in March 2020 was near $1,357. We expect a new upside price target for Palladium near $3,663 once it has broken out past current resistance levels.

If you have been following my research for a while, you are already aware of past research posts suggesting Gold and Silver will advance in multiple upside price legs over the next 90+ days. Gold will target the $2,250 level before stalling and attempting another upside price rally targeting $2,500 or higher.  Silver will target the $33 price level when the current upside move builds enough momentum, then target $38 or higher.


What you may not be aware of is the incredible opportunities setting up in Platinum and Palladium.  Platinum has set up a very deep COVID-19 low near $550 and rallied back to briefly touch resistance near $1,035 as we can see in the Palladium Weekly chart below. Since that move, Platinum has stalled below $1,000 waiting for momentum to start another upside price leg.  Using a simple 100% Fibonacci Measured move technique, we can easily identify the $485 price swing from the $1,035 highs to the $550 lows.  All we need to do is find a support level near what we believe will be the Momentum Base level, then add that $485 to the Momentum Base level to find the next upside target in Platinum.

Let us assume the Momentum Base will happen near $925. This would result in the next upside price target for Platinum will be $1,410.  Of course, Platinum would have to rally above the $1,035 level to confirm this upside breakout trend and for the $1,410 target level to become valid.  That $1,410 target level represents a +52.4% upside price target.

Palladium presents an even broader price rotation.   The peak just before the COVID-19 collapse was near $2,820.  The bottom in March 2020 was near $1,357.  This creates a range of $1,463.  We can clearly see the Flag/Pennant formation on the Palladium Weekly chart (below) highlighted in YELLOW.  We want you to pay close attention to what already appears to be a moderate upside price move after the apex of the Flag/Pennant formation.

If we add the $1,463 range to the Flag/Pennant Apex level, near $2,200, then we end up with a new upside price target for Palladium near $3,663.  This represents a +66.5% upside price target for Palladium.

Something else we want to point out is the relationship of Platinum and Palladium to Gold and Silver.  If Platinum and Palladium rally towards the targets we have suggested (+52% and/or +65%) from the Momentum Base levels, could Gold and Silver rally a similar amount?  A 55% rally in Gold from current levels would target the $3,038 level.  A 55% rally in Silver would target the $42 level. These new upside target levels are well beyond our “Measured Move” suggested targets – these higher target levels may be broader upside Fibonacci expansion levels?  Still, they suggest a much bigger move in precious metals is pending.

Watch how Platinum, Palladium, Gold and Silver react over the next 6+ weeks.  We believe there is a very strong possibility that a bigger upside price move is just waiting to breakout as the markets deal with incredible levels of uncertainty over the next 60 to 90+ days.

We are actively trading gold and have positions in this precious metal. If you would like to ride my coattail with my trade alerts and my pre-market videos where I walk through the charts every day before the opening bell, then take a look at the Technical Trader, my Active ETF Trading Newsletter. If you have any type of retirement account and are looking for signals when to own gold, equities, bonds, or cash, be sure to become a member of the Technical Investor, my Long-Term Investing Signal Newsletter.

Chris Vermeulen
www.TheTechnicalTraders.com

Chris Vermeulen has been involved in the markets since 1997 and is the founder of Technical Traders Ltd. He is an internationally recognized technical analyst, trader, and is the author of the book: 7 Steps to Win With Logic

Through years of research, trading and helping individual traders around the world. He learned that many traders have great trading ideas, but they lack one thing, they struggle to execute trades in a systematic way for consistent results. Chris helps educate traders with a three-hour video course that can change your trading results for the better.

His mission is to help his clients boost their trading performance while reducing market exposure and portfolio volatility.

He is a regular speaker on HoweStreet.com, and the FinancialSurvivorNetwork radio shows. Chris was also featured on the cover of AmalgaTrader Magazine, and contributes articles to several leading financial hubs like MarketOracle.co.uk

Disclaimer: Nothing in this report should be construed as a solicitation to buy or sell any securities mentioned. Technical Traders Ltd., its owners and the author of this report are not registered broker-dealers or financial advisors. Before investing in any securities, you should consult with your financial advisor and a registered broker-dealer. Never make an investment based solely on what you read in an online or printed report, including this report, especially if the investment involves a small, thinly-traded company that isn’t well known. Technical Traders Ltd. and the author of this report has been paid by Cardiff Energy Corp. In addition, the author owns shares of Cardiff Energy Corp. and would also benefit from volume and price appreciation of its stock. The information provided here within should not be construed as a financial analysis but rather as an advertisement. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable. Technical Traders Ltd. and the author of this report do not guarantee the accuracy, completeness, or usefulness of any content of this report, nor its fitness for any particular purpose. Lastly, the author does not guarantee that any of the companies mentioned in the reports will perform as expected, and any comparisons made to other companies may not be valid or come into effect.

Chris Vermeulen Archive

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