So first up we have Palladium. Beginning in early 2011, the metal started correcting sideways in what became a 3-year pennant consolidation. In March 2014, it broke up and out of the pennant on its way to a fairly quick 20% gain, peaking slightly above $900/oz.
In early September, however, it reversed course and began correcting with all of the other precious metals. While the correction was significant in percentage terms (approximately 20%), from a technical standpoint the chart still looks pretty good. For the last two weeks, palladium has found support at its 200 week moving average which, coincidentally, coincides with the top line of the previously mentioned pennant formation. In addition, the last two weeks formed "long tails" on the candle chart meaning that after touching the 200 week moving average, it reversed higher and closed in the mid-to-upper part of its weekly range. Lastly, the decline over the past 6 weeks has come on weakening volume suggesting that sellers are becoming exhausted.
Looking ahead, this is probably a good entry point to initiate or add to your position as it's sitting right on support. Set a tight stop, just below the 200 week moving average to protect yourself.
Regardless of the fundamental argument for owning platinum, you have to respect what the charts are telling us. And right now, the charts suggest further weakness ahead.