 Good morning and welcome to the chart of the week video with me David Madden. Today's date is Thursday at the 21st of November 2019 and the time is exactly 11 a.m. GMT 1100 GMT And this week's chart of the week is Palladium. Let's talk about it before and I'm gonna speak about it again Because the market is is in a very strong bullish trend And I like to look at markets that are trending. So Palladium is a good example to look at So the longer term view is that Palladium has been in a solid upward trend for a number of years now We've we've seen record highs achieved an early part of 2019 And in the middle of the summer 2019 and this is a lovely example of an upward trend that we're in again and it was only at the beginning of the month that we set once again all-time highs and The all-time high the recent all-time high was just shy of the $1,800 mark summer can look at around in on 17 99 798 there thereabouts after we hit that level We didn't see a fairly size will move the downside you know every now and again You're gonna get a correction the market was trending driving lower There's a steady increase in positive momentum at the marketing in the care of the market histogram But that it's managed to Trade below the fifth and moving average very briefly and for a few days after that about you kind of just about hold above Largely hold above the fifth and moving average That's clearly active. It's very decent support and other markets pushing higher again And we can see there's been a steady decrease in negative momentum So the rebound and the upward move in the price is being confirmed by the decline in negative momentum So we could be look to Retest the all-time highs in around this area here in the near term and should we should we go below should we go beyond 1800 that'll be sit there there about that that'll be in uncharted territory. That'll be fresh all-time highs and Markets that are going to regularly hit all-time highs and more likely to all-time highs although they're not no gains No guarantees. So if you do a size of break beyond 1800 that could bring it 1810 1820 1830 So on that's a forward into the fold potentially But if you do manage to drift to the downside support could be found from this blue line here the fifth and moving average in a 1687 and if you know we can see here that The metric on a few occasions acted as support in the near in the basic past therefore it makes them more likely It will do so in the near future. I'll see there are no guarantees I even if it drops below the fifth and moving average as long as it holds above this area here the recent low in at 1645 there they're about That area could act as support and even if you pick up below that an area that might act as Support could be this broadly speaking this 1600 area just shy of 1600 back in May was it was a pre was it was a Were the earlier all-time highs achieved we can see in a few occasions that there was some all time high was achieved in July On a few occasions there was some consolidation in around that area So 1600 for me is a really kind of the most important measure to keep my keep my keep an eye out for regarding palladium And it's only really if you have a size of break below that could that would be good to think Okay, you know we could be even further losses from there So you could take us back down towards potentially this red line here the journey moving average or down towards it Now if you are going to be trading play trading trading palladium, it is worth your while keeping an eye What's going on on the platinum market? Both mark both metals are used in catalytic converters given that we're in the kind of Any kind of a greener age and the the future is going to be far hopefully far more greener than the past These two metals are likely to kind of see increased demand because of those drive to kind of greener and a greener lifestyle We can see here from a silly the middle of the month the mid-November onwards We saw a steady push to the upside in platinum And if you take a look back at the palladium chart We can see here that we've also seen some similar by actually the middle of the month the markets are to do turn around together Now down theory would tell us that the averages must confirm each other and obviously there are no guarantees But it's you know if you're looking at buying at the platinum Do you think it's going to continue to rise if you're seeing sorry apologies We're going to buy into palladium because I think it's going to rise and you're seeing similar moves being echoed in the platinum market You can then be become more confident that the palladium markets are going to push higher obviously there are guarantees, but it's about actually applying the kind of market logic and it's about buying it as about Seeing that both markets are moving in the same direction because if we could suggest that what's driving one is also driving the other Just about a wrap things up now. Thank you for tuning in and please listen next week. Thank you very much