Profile: Spread chart Gold (spot) versus Palladium (spot), medium term outlook.
Weekly outlook: Gold show weakness versus Palladium. Pivots of early 2012 are under pressure. Breaking below support at 2.35 suggests more weakness can be expected. The spread should then head towards levels as low as 1.92/1.90. A minor bounce before pushing lower cannot be excluded. However, as long as the MA200 at 2.58 remains above the market, the focus is on lower levels and thus gold underperformance.
- Primary trend: negative
- Outlook: negative
- Support: 1.92 / 1.90 / 1.63
- Resistance: 2.58 / 2.82 / 2.92
Weekly chart: spread Gold vs Palladium