Platinum And Palladium Set To Surge As Gold Breaks Higher

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 has 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 to 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.

1 2
View single page >> |

Disclosure: If you want to know where the market is headed each day and week, well in advance then be sure to join my Pre-Market Video Forecasting service which is  more

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.