The Palladium Price Begins To Breakout To Spook Those Short

It is happening, yesterday the price of palladium rallied 4.91%.

Not only did it do that, but it closed above its 150-day moving average and only ten points below its 200-day moving average.

It’s setup to challenge long-term resistance in the $1030 - $1050 area.

I guess there has been a reason that the producers and big money swap dealers have been building the biggest long position they have ever had in the palladium market.

Maybe they see the record short position that managed money/hedge fund folks put on it this year and a possible short squeeze coming.

Whatever the case, the price went up and I am probably the only person you have seen talk about palladium with you at all.

And now here we are, it looks ready to breakout this month.

It may not happen today, because the US markets all close early today and will be closed on July 4th for holiday.

I won’t have anything else to tell you tomorrow, with the closed markets, so I will be taking Thursday and possibly Friday off too.

Oh - and just in time, on Tuesday, Federal Reserve Chairman Powell said inflation is improving and CPI is on target to get to 2% next year, delivering a prediction, based on nothing, needed to begin to build a case for lowering interest rates in September.