Comment: Spot Palladium is one of this year’s best performing metals, along with LME Lead and Copper, dragging the rest of the Platinum Group with it. Having retraced half of 2008’s decline, and the Lagging Span just under the lower edge of a huge Ichimoku ‘cloud’, it might need to consolidate at current levels for a few weeks. On the other hand as all elements on this chart point to a long position, and as bullish momentum is stronger than it has been in over a year, maybe it will soar higher despite being overbought as was the case in 2000, 2001 and 2008. A break above $425.00 confirms the next big leg of the bull market is under way.
Strategy: Buy at $371.50, adding to $345.00; stop below $313.00. Add to longs on a weekly close above $425.00 for $565.00/590.00 and maybe $800.00 if enough pressure builds.
