Sunday, July 12, 2020 1:59 PM EDT
Our palladium forecast for 2020 was hit, with the very exact price target that we projected around $2800 USD being hit in late February. Palladium came back down 50%. However, it is crystal clear from this chart that it is set to move higher again, anytime soon. Yes, this is another one of our forecasts coming true.
The palladium market got a real shocker in March when the coronavirus crash hit.
After an amazingly bullish rise palladium hit our long standing target of $2800 USD, even almost touched $3000 USD. The subsequent crash was violent: 50% in less than 4 weeks.
Since then, the palladium price was pretty flat, trading between $1850 USD and $2200 USD.
However, that is about to change now. It is very, very clear from our chart reading that palladium is now ready to move (strongly) higher.
We expect palladium to hit $2200 USD in the next few weeks and $2400 USD by the end of the summer. Depending on how it ‘behaves’ around $2400 USD, it might re-test all time highs late this year.
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Disclosure: Enjoying our work in the public domain? Then you will definitely love our premium work. In our Momentum Investing premium service we feature stock tips for the medium term, and have frequently precious metals stock tips. In our Trade Alerts premium service we go after small and larger profits on the very short term, trading the S&P 500 as well as from time to time emerging markets / precious metals prices. Our return was almost +80% in the first half of this year.
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