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

Why $700 Palladium is so Important to Break…

IMG Auteur
Published : January 19th, 2013
272 words - Reading time : 0 - 1 minutes
( 0 vote, 0/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : Technical Analysis

Below is a chart of Palladium from the bottom of late 2008 until today.
I added Fibonacci Retracement levels, as well as Fibonacci Fan lines.
We can clearly see why price is struggling with the $700 right now, as there is both the 76.40% Retracement level from the bottom in 2008 to the top in 2011, AND the 50% retracement level from the top in 2011 to the bottom of late 2011.
We can see that this $700 level has acted as both support & Resistance during the last 2 years…

Below is a 4H chart of Palladium, showing once again that Fibonacci is clearly at work.
Please note the Negative Divergence between Price and MACD on a 4H basis…

This could mean a short term top is in, and that Palladium could retrace over the next couple of days.
If the top was set yesterday, The first target would be $670, followed by $655 and $642.50′ish (all are Fibonacci levels).

$670 is very likely on a daily basis if price doesn’t break through $700, due to the fact that the middle bollinger band (or 20 days moving average) is currently at $665 and rising (meaning it will soon reach this $670 level), where it should provide (at least some) support.

If $700 would break to the upside, then I expect a lot of technical buyers to step into the market, as we would then have a higher high in price…

PS: if you want to do some technical analysis yourself on Commodities, Currencies or Indices, go to http://www.forexpf.ru/_quote_show_/java/show_...php?type=SnP500 and under “Symbols” you can select the asset you would like to chart.

<< Previous article
Rate :Average :0 (0 vote)
>> Next article
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
China is about to overthrow Lond...
28 Febneville
This a good slap in the face for the downright crooked bullion banks,traders that have been front running ie algorythm trading etc It had to ta...
A Salvo in the Battle for the Go...
27 Febovertheedge
I would argue that the devil is in the details, i.e. the definition of money. What the people of the US are using is currency. Currency bei...
A Salvo in the Battle for the Go...
26 FebFrankinca1
Sort of written for a PHD in economics, which gold believers (myself) are not often that well educated, have difficulty following. The definition o...
A Salvo in the Battle for the Go...
26 Feb07788525833
The dollar has a monopoly over all other types of money which is rammed down peoples throats by gun and drones , any one wanting to change this...
In Search of the Magic Wand: Car...
25 FebDoom
Yes, stay away from University of Phoenix, a school with a 9% graduation rate, that only gets students because it spends $200,000 a day on Google a...
Emails From Kiev: Free Speech Va...
25 Febovertheedge
"The problem is, the asshats associated with Poroshenko are even worse than he is." I'm assuming you mean the predators in the US White Ho...
The Bull Case For Gold This Year...
25 Febdepourcq1
You talked about all the wrong reasons that gold will rise or fall, their is only one that everyone should know. The US has a debt of 18.134 trilli...
The Bull Case For Gold This Year...
25 Febneville
The fact that you are very lowly rated might be one of two things .1.You have been playing this card to often (Bear Joker) 2,The other is that you ...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Rockwell(Cu-Gems-Ni)RDI.TO
Announces Filing of Preliminary Short Form Prospectus
CA$ 0.25+2.04%Trend Power :
Corporate news
Cardero Res.(Ag-Au-Cu)CDU.TO
Announces Proposed Reverse Takeover of Artha Resources
CA$ 0.04+14.29%Trend Power :
Corporate news
Goldcorp(Cu-Le-Zn)G.TO
declares third monthly dividend payment for 2015
CA$ 26.64-3.23%Trend Power :
Corporate news
Integra Gold(Gems-Ag-Au)ICG.V
Files PEA Technical Report on SEDAR
CA$ 0.32-2.99%Trend Power :
Corporate news
Fjordland Expl.(Ag-Au-Co)FEX.V
Geophysical Survey Outlines Strong Conductors on South Voisey's Bay Nickel Project
CA$ 0.03+100.00%Trend Power :
Corporate news
Clifton StarCFO.V
Announces Private Placements and Settlement of its Osisko Litigation Raising $11 million
CA$ 0.18+80.00%Trend Power :
Corporate news
Marathon GoldMOZ.TO
Hits 3.02 g/t Au over 32.9 meters (TT) in Step-Out Drilling, Valentine Gold Camp, Newfoundlan
CA$ 0.30+10.91%Trend Power :
Corporate news
Chalice Diamond(Gems)COD.V
Sulliden Mining Capital to acquire Coastal Gold, an Advanced Gold Project in Newfoundland
CA$ 0.02+0.00%Trend Power :
Corporate news
Aurcrest gold(Ag-Au-Zn)AGO.V
Announces Resignation of VP Exploration
CA$ 0.02+0.00%Trend Power :
Corporate news
Tinka Resources(Ag)TK.V
Announces AGM Results
CA$ 0.28+5.56%Trend Power :
Corporate news
Comments closed
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.