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Palladium getting ready to rally

Palladium getting ready to rally

Palladium NYMEX:PA1!

While other precious metals are in clear down trends since mid-2011, the palladium market has always remains well-bid thanks in part to its relative rareness and the fact that it has similar industrial qualities as that of platinum at a lesser cost. Looking at the long term chart of palladium futures, I get the sense that this metal is getting ready to rally this spring after having carved in a significant base above 750 over the past 4 months. I'd say that the $820 handle is likely to be hit sometime in March, and a break above this resistance could free up the path for a rally all the way back up to $900 later on this year.