Palladium seems to have a following in the chat room, so I’ve included a chart today that projects an 800.85 target for the NYMEX March contract. I’ve suggested that the likely outcome is a no-brainer because of the sinuous beauty of the rally pattern. Camouflage will be tough to come by at this stage, however, because the futures have been on a tear for the last week. ________ UPDATE (October 28): March Palladium in fact achieved 861 before succumbing to the summer’s selloff in precious metals. The recovery since, from a low of 535 earlier this month, looks healthy and promising, since the recent high of 683.70 in the December contract generated a fresh impulse leg on the daily chart. Now, we’ll need to look the pullback from that high to assess bulls’ staying power.
