https://thegoldandoilguy.com/wp-content/uploads/2019/08/88.png 470 850 admin http://www.thegoldandoilguy.com/wp-content/uploads/2014/11/tgaoglogo.png admin2019-08-05 15:43:572019-08-05 15:43:57Palladium collapses After Our Double-Top From Early July 2019
It was almost like Palladium traders followed our research to the letter when the trend reversed on July 11, 2019. Our research team issued a report indicating a Double-Top pattern was setting up in Palladium on July 3, 2019. At that time, our proprietary cycle indicators and our proprietary Fibonacci price modeling systems suggested a large downside price swing was highly likely. January 24, 2018: HAVE YOU SEEN PALLADIUM’S TRADABLE PRICE PATTERN? July 3, 2019: PALLADIUM SETS UP ANOTHER DOUBLE TOP PATTERN Palladium is a very interesting metal that is used in various industry sectors as a component for automobile equipment/parts, medical equipment, and many other industrial sectors. It is a great leading indicator to help gauge future expectations for various global industries and as a measure of consumer/industrial consumption and expectations. When Palladium is rallying, it is a fairly solid sign that consumers are bullish on the global economy and are purchasing equipment, autos and other industrial elements to support future growth expectations. When Palladium is falling, it is a fairly solid sign that consumers are reigning in their spending on new cars and other industrial items that are manufactured with Palladium. One of the biggest factors that are likely driving this move in Palladium is the renewed interest in Gold and Silver as the global market enters a very fragile period. Palladium is a precious metal that is used in jewelry and other consumer products – like Gold and Silver. Yet Palladium does not have the status in the precious metals world like Gold and Silver do. When fear and greed enter the markets, Gold, Silver, and Platinum take center-stage. Palladium, because of its more industrial use base, its not something that will rally like Gold and Silver will when a crisis hits. This Daily Palladium chart shows how the weakness in price started just after the price peak on July 11, 2019. Over the past 3+ weeks, Palladium rotated downward towards the $1500 price level, then stalled. Global traders were focused on earnings data, the US Fed announcement, and other data.