Click to Enlarge No need to mince words here — palladium is the one metal definitely worth taking a short-term shot on here, and it’s possible that short-term trend could become a long-term one.
Palladium hasn’t been whacked too hard this year. In fact, it hasn’t even been shaken out of its trendlines at all. Rather, a small dip in June was reversed once the metal met up with a rising support line — a support line that makes up the lower side of a wedge pattern. That should be enough to carry palladium prices all the way up to the upper side of the wedge at $767 per ounce.
That test of the upper boundary also will be the third time it’s been tested in just a few months, however, and it might well be the case that the bulls are going to blast past that ceiling this time around. If that’s the case, we could end up with another rally like the ones we saw in 2009 or 2010.