Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

Palladium: Getting Ready for $1,250 per ounce?

IMG Auteur
Published : January 28th, 2013
416 words - Reading time : 1 - 1 minutes
( 2 votes, 5/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : Market Analysis

The battle for $700 palladium took over a month, but as I expected, Palladium finally broke through this tough resistance level.
It’s still too early to say whether it will hold, as it could still retest that level.

However, when I was playing around a bit with Fibonacci levels (as I have done before, which is why I knew $700 was going to be a tough nut to crack), I came to a target price of $1,250…

Don’t believe me?
Look at the chart below:

- the bottom of 2008-2009 serves as the 0% line.
- as $700 has been very strong support as well as resistance, I assumed this would be a very important Fibonacci level, which is why I assumed it would be the 50% level.
- Based on the two points above, we immediately get the 100% line at $1,250.
- to make the point even stronger, look at where the other Fibonacci levels come in:
- the 23.60% level comes in at $415′ish, where palladium found initial support in 2008, and early 2010.
- the 38.20% level comes in at $575′ish, where palladium faced resistance in May 2010 and support in Oct/Nov 2011 and July/August 2012.
- the 61.80% level comes in at $835′ish, which is around the  2011 highs…
- and last but not least, the 76.40% level comes in just below $1,000, which could become a psychological resistance level…

If my Fibonacci retracement levels prove to be correct, and Palladium will rise towards $1,250, here’s a draft of what I think COULD (but of course not necessarily should) happen…

Palladium seems to be getting ready for $1,250. Are you?

Here is an excerpt of an article from Businessweek today:

Palladium reserves in Russia, the world’s largest producer of the metal, are “pretty much exhausted” and sales this year may be only 3 metric tons, according to Johnson Matthey Plc. (JMAT)

Russian inventory sales dropped 68 percent to 250,000 ounces last year from 775,000 ounces in 2011, according to Johnson Matthey. Sales from state stockpiles are expected to range from “zero to several tons” in 2013, Anton Berlin, deputy chief of ZAO Normetimpex, OAO GMK Norilsk Nickel’s sales arm, told RBC TV yesterday.

“Maybe 3 tons this year, and that will be it,” Peter Duncan, general manager of market research at Johnson Matthey, told reporters in London today. Three tons is equivalent to 96,452 troy ounces. “Russian state stockpiles have been dwindling and are now pretty much exhausted.

Read more: Businessweek

Data and Statistics for these countries : Russia | All
Gold and Silver Prices for these countries : Russia | All
<< Previous article
Rate : Average note :5 (2 votes)
>> Next article
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
War Games: China Say It Will Prevent US From Attacking North Korea ...
20 Augkevthorne1
Done nothing? How about: "There was a pre-emptive attempt from Koreans to reunite their country in 1950 after resisting American occupation...
War Games: China Say It Will Prevent US From Attacking North Korea ...
18 AugRckpyle1-2
Tough talk from China. Ask yourself, would China be willing to see Beijing become a crater if it attacked the US to aid NK? No, tough talk is cheap...
NY Fed President Wants Consumers to Tap Home Equity: Didn’t We Try ...
17 Augmikejuha
As a prudent investor, I eliminated all mortgage debt in January 2009. When I paid off my loan with Bank of America, they initially refused to tak...
Total Eclipse
19 AugThe Recusant-1
"I’d like to hear [sic] an argument..." Historical statues typically honor or remember people of greatness, the beneficial contribution th...
Can a government surplus cause the economy to tank?
18 Auggfs543
Your dissection is incisive, Steve. You weren't refuting just this one writer. You were beating up on popular Keynesian fallacies.
Can a government surplus cause the economy to tank?
17 AugDRGEORGE
Thank you very much for that Steve. But please just don't 'leave it there'. The author of that article apparently intends to expand on that bullshi...
Smoke and Fire
16 Augaccording0
some things happen without collusion do you think that the stupid little rats of blm and antifa dont get paid to help wreck our socie...
Smoke and Fire
16 Augaccording0
James. Even a believer has to leave Zoar before he starves to death. Kudos for having the fortitude to write this.
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS