Platinum, Palladium Suffer Serious Technical Damage

Source:

"Platinum futures shed ~$200/oz. this week; palladium futures, ~$120/oz."

Nymex platinum and palladium futures markets have seen strong selling pressure this week, resulting in major near-term chart damage and putting the bears in firm near-term technical command. Platinum futures have shed around $200/oz. this week, while palladium futures are down around $120/oz.

The daily bar chart for July platinum futures shows that prices Thursday spiked to a fresh three-month low of $1,490.30. Prices are presently in a steep two-week-old downtrend on the daily bar chart. The next downside technical objective for the empowered platinum bears is to push and close prices below solid chart support at the February low of $1,456/oz.

It would take a close in July platinum futures back above strong technical resistance at $1,625 to provide the bulls with some fresh upside near-term technical momentum.

June palladium futures are in a steep three-week-old downtrend on the daily bar chart and hit a fresh 3.5-month low. The next downside price objective for the powerful bears is to produce a close below solid technical support at the February low of $382. It would take a close back above major psychological resistance at $500/oz. to provide the palladium bulls with fresh upside near-term technical momentum and repair this week's chart damage.

June Palladium Chart

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