After briefly retracing mid-month following a triple top breakout, PALL – our proxy for Palladium – has just formed a fresh double top breakout, a move that P&F chartists commonly refer to as a bullish catapult. The implication here is that, while elimination of supply at the triple top level caused prices to temporarily fall back, new buyers stepped in at those lower levels, creating fresh demand which in turn is powering prices even higher.
Palladium Is Crushing It
Forget about Gold and Silver. Palladium has been absolutely crushing it of late. As the chart above shows, PALL (our proxy for the rare metal) has just notched a new 52-week high and formed a bullish triple top breakout in the process, suggesting higher prices ahead.