http://www.fxstreet.com/technical/market-view/technical-analysis-metals/http://www.fxstreet.com/technical/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/technical/market-view/technical-analysis-metals/2009-11-19.htmlComment: 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 higherThu, 19 Nov 2009 08:23:25 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/technical-analysis-metals/2009-11-19.htmlhttp://www.fxstreet.com/technical/market-view/technical-analysis-metals/2009-06-24.htmlComment: This year’s rally, having corrected 38% of last year’s massive collapse, looks set to take a breather. Expect consolidation over the next month or two with the downside hopefully being limited by the lower edge of the Ichimoku ‘cloud’ and the 26-week moving average. Many will probably be hoping that prices hold above the psychological $1000.00 level and, while we cannot promise it will not break below here, we feel these will be brief - mere blips. As to the upside, $1300/1335 isWed, 24 Jun 2009 16:15:11 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/technical-analysis-metals/2009-06-24.htmlhttp://www.fxstreet.com/technical/market-view/technical-analysis-metals/2009-05-19.htmlComment: Gold bugs are currently two a penny – always a worrying sign. More so when prices are going broadly nowhere and one adds in storage and opportunity costs. While we continue to favour an eventual break to new record highs, only when it holds clearly above $950 per ounce will bullish momentum kick in for a re-test of the all-time high at $1030.80. Note that this may be due to generalised US dollar weakness (courtesy of US government largesse) rather than renewed appetite for preciousTue, 19 May 2009 09:42:14 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/technical-analysis-metals/2009-05-19.htmlhttp://www.fxstreet.com/technical/market-view/technical-analysis-metals/2009-03-20.htmlComment: Slowly, almost imperceptibly, LME 3-month Copper has completed a ‘rounded bottom’. The Ichimoku ‘cloud’ chart confirms that we have started a new bull market, and if the formation was classed as an inverted ‘head-and-shoulders’ its measured target would be $5100. This is still well below the Q2 2006 to Q3 2008 average of $7500. The next question is to what extent any increase is due to rising demand or to a weak US dollar. A bit of both probably, with a little extra dollop of demandFri, 20 Mar 2009 10:31:15 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/technical-analysis-metals/2009-03-20.htmlhttp://www.fxstreet.com/technical/market-view/technical-analysis-metals/2009-01-26.htmlComment: Having unwound all of 2007 and 2008’s excesses, spot silver has spent many weeks since mid-October trying to form an interim base against the pivotal area around $9.00. A ‘rounded bottom’ was completed with last week’s close above $11.50. Slowly at first, then gathering speed, we expect prices to rally back up to $14.00/15.00, possibly gathering pace were it to break above here allowing the move to extend to the $18.00 area. Note that we expect it to outperform spot Gold, so that theMon, 26 Jan 2009 17:20:31 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/technical-analysis-metals/2009-01-26.htmlhttp://www.fxstreet.com/technical/market-view/technical-analysis-metals/2008-10-09.htmlComment: In times of financial crisis it is normal for investors to seek out the safety of gold. It certainly has done a lot better than silver or Crude Oil this year, and better than the Euro over the last month. Having completed a corrective move lower and bounced from retracement support mid-September, it is now struggling badly with resistance at the top of the Ichimoku ‘cloud’. With a little luck the bottom of this formation will continue to provide support, and later this year we feelThu, 09 Oct 2008 14:54:25 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/technical-analysis-metals/2008-10-09.htmlhttp://www.fxstreet.com/technical/market-view/technical-analysis-metals/2008-08-12.htmlComment : The collapse of the last four weeks has neatly matched what happened to the Euro (and the US dollar generally) so that gold has met our target of $800.00. In theory prices should try and stabilise here and wave C is equal to A and also because it is almost a 61% correction of the previous large rally. However, when so much bearish momentum has built and so many nerves are already frayed to pieces, the chance of an overshoot is extremely high. Note however that the metal does not evenTue, 12 Aug 2008 13:04:58 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/technical-analysis-metals/2008-08-12.htmlhttp://www.fxstreet.com/technical/market-view/technical-analysis-metals/2008-07-22.htmlComment : Bizarre price action so far this year as we consolidate under $2200 per ounce in a sort of ‘triangle’. This much needed pause after Q1 2008’s fireworks has brought prices back on to the ‘trendline’ that started the rally in 2007 and has allowed the Ichimoku ‘cloud’ to catch up. Platinum has give up 61% of this year’s gains but is certainly not ‘cheap’ yet. We feel there is a better than even chance that it will base this summer between $1800 and $1750, allowing it to trade back up toTue, 22 Jul 2008 09:49:22 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/technical-analysis-metals/2008-07-22.htmlhttp://www.fxstreet.com/technical/market-view/technical-analysis-metals/2008-03-07.htmlComment: Having been worth next-to-nothing for the best part of twenty years, many must be very surprised by price moves of the last two years and this quarter in particular. Amid generalised US dollar weakness spot Silver is rallying towards our long term target at $25.00 per ounce. Whether we will stop there, and by how much more will the greenback shrink in value, are the questions now. Technically the latest rally is seen as the last in a series that started in 1993 from a low at $3.53.Fri, 07 Mar 2008 09:00:15 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/technical-analysis-metals/2008-03-07.htmlhttp://www.fxstreet.com/technical/market-view/technical-analysis-metals/2008-01-30.htmlComment : Textbook stuff really as we trade at record highs, comfortably meeting our medium term target at $1650.00 per ounce. Last week’s massive move has also taken spot Palladium to a multi-year high at $387.50 and Rhodium to a record $7070.00. We continue to favour Platinum Group Metals over gold, silver and many base ones (although Ruthenium is trading under half of last year’s peak at $880.00). It is very overbought but then bullish momentum is at its strongest in twenty years. Buy,Wed, 30 Jan 2008 10:56:07 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/technical-analysis-metals/2008-01-30.htmlhttp://www.fxstreet.com/technical/market-view/technical-analysis-metals/2007-09-18.htmlComment : It takes a Euro to be worth $1.3930 and a UK banking crisis to get spot gold over $700. In Euros it is worth €516 per ounce, well under last year’s high at €552. A rapidly shrinking US dollar supplies an underlying bid tone, but as yet only enough to keep pace. We feel that investor jitters should add a little more bullish pressure and our target is critical multi-year resistance at $725.00/730.00.Tue, 18 Sep 2007 09:08:32 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/technical-analysis-metals/2007-09-18.htmlhttp://www.fxstreet.com/technical/market-view/technical-analysis-metals/2007-07-11.htmlComment : Having reached our target of $8000 it is time to consider what might happen next. For over a year we have consolidated, albeit with massive price swings, above $5000 per tonne and we are unlikely to trade below here for many months. Since May last year prices have held most but not all of the time above $7000. Allow for another month of fairly neat consolidation between here and $8200. The longer we hold above $7000, the more likely we are to break higher, above the top of theWed, 11 Jul 2007 07:44:44 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/technical-analysis-metals/2007-07-11.htmlhttp://www.fxstreet.com/technical/market-view/technical-analysis-metals/2007-05-17.v02.htmlComment: Since reaching our target at $400.00 last year prices have consolidated in a ‘triangle’ formation. This continuation pattern suggests a break higher, through very important long term resistance between $400 and $450, is imminent. The set-up is the same for Platinum and Rhodium, suggesting all the Group will move in tandem. A conservative measured target would be $495.00 and the psychological $500.00, which seems a sensible area for consolidation. Long term we favour another rally toThu, 17 May 2007 09:36:33 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/technical-analysis-metals/2007-05-17.v02.htmlhttp://www.fxstreet.com/technical/market-view/technical-analysis-metals/2007-05-17.htmlComment: Platinum is back up at last year’s record high and it is just a matter of time before we carry on up. It is currently very overbought so no wonder we have pulled back this week. Allow for a bit more work under $1336 until the end of the month but hopefully current massive bullish momentum will be maintained triggering another strong rally next month. Our measured medium term target is $1600/$1650. Strategy: Attempt small longs at $1265, adding to $1225; stop well below $1200. Add toThu, 17 May 2007 09:33:57 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/technical-analysis-metals/2007-05-17.htmlhttp://www.fxstreet.com/technical/market-view/technical-analysis-metals/2007-05-16.htmlA very interesting and complex chart pattern where price action since last year is probably best summed up as a massive ‘triangle’. This is seen as consolidation at these significantly higher levels, admittedly after underperforming badly throughout the 1990’s. This week prices are nudging up above the top of the formation and testing decent resistance at $14.50 per ounce. A weekly close above here, and then a break above $15.00, should add a lot of upside pressure. Short term target $17.00,Wed, 16 May 2007 08:56:18 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/technical-analysis-metals/2007-05-16.html