The Chart du Jour

Palladium is Going Ballistic; Copper Looks Incomplete

While the average guy on the street may watch gold as a barometer of potential inflationary pressures and feel reassured that it is still well below $300 per ounce, we note with some awe the current price of palladium well above $440.

We also note that copper has continued to be very active of late, and as pictured below, recently spiked up to 89.15 basis the March Comex contract.

Of note, if one draws Fibonacci retracements from the summer lows in copper to our recent high, these retracements DO NOT YET 'FIT' the price action throughout the ascent. In other words, the 38.2%, 61.8%, and 76.4% retracements levels do not mark previous highs and lows on the way up. To us this means that new highs in copper are still in the offing. How high could we go? To make the Fibonacci retracements "fit" the best, we extrapolate a high toward at least 92.30 before one should even consider the recent rally to be complete. This would leave the Fibonacci retracements looking significantly more "natural" as pictured below.


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