Platinum and Palladium

Our research reports have highlighted bullish patterns for gold and silver - most recently in our Aug 28 The Chart Check.

Dominic asks: What about the other metals, such as platinum and palladium?

Platinum futures: Correct lower after testing triangle breakout target

Platinum joined the metals rally on its late May breakout from a 4-year triangle pattern and achieved the triangle target at 1440 in early July. Since then, platinum has struggled. If platinum closes below its rising 13-week moving average at 1383 for the first time since early May, it would suggest that the corrective phase from its late July peak at 1511.40 continues.

Key support levels watch under this scenario: 1269 (38.2% retracement for the April-July rally), 1212-1194 (rising 26-week moving average and 50% retracement) and 1130-1120 (rising 40-week moving average and 61.8% retracement).

Tactical resistances: 1427 and 1465-1467.

Chart 1: Platinum futures

Palladium futures: Correcting lower but with big base potential

Palladium futures show signs of base-building after a massive drop from early 2022 into mid 2024. Although palladium has struggled off chart resistance from 1255 to 1350 and could see a deeper correction from its July peak of 1373.50, holding the rising 26- and 40-week moving averages near 1083-1042 would keep the overall pattern constructive.

This scenario would support the case for eventual upside beyond resistance (1255-1350), the recent high (1373.50), and even the declining 200-week moving average (1402) to confirm the late 2023 into late 2025 big base and place the focus on chart resistance and the 38.2% retracement of the 2022-2024 decline at 1765 and 1811, respectively.

However, similar to platinum, weekly closes for palladium below the rising 13-week moving average at 1187 would increase the risk to test the rising 26- and 40-week moving averages (1083-1042). Once again, holding those moving averages would keep the constructive, base-building setup intact for palladium.

Chart 2: Palladium futures