Palladium is Defying Gravity

Palladium broke out above a symmetrical triangle in early March. It stalled when it reached the previous high from March of 2012 and fell back to retest the triangle before moving back higher to new highs. My friend JC Parets (@allstarcharts) was all over this, nice work. It has now fallen back to retest that prior high, but the Hammer candle Wednesday suggests it may be ready to launch toward the target of the triangle break out at 855. I do not know if JC is still long but if he is I wish him luck. Not only because he is a nice guy but because Palladium seems to be the only metal that is acting strong. Gold

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broke its downtrending resistance on Valentine’s Day but has been pulling back since St. Patrick’s Day and is back at the break out level looking weak. Is it a coincidence strong into the love holiday and starts to fall on the drinking holiday? Hmmm. Silver is worse peaking in late February and turning what initially looked like a Cup and Handle into a disaster. Then there is Platinum which made a higher high on March 5th and since the Ides of March has been pulling back, accelerating Wednesday. The prior low at 1361 does not seem out of reach. For now Palladium is defying gravity as it holds at higher levels. Will it help the others find support or will it give it up and fall back into the prior consolidation.

goldsilverplat

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