Palladium trades at $1,726.5 per troy ounce after gaining $61.5 (3.7%).
CME Palladium is currently trading at $1,726.5 following the release of Building Permits (Nov) data from the United States.
At the same time, United States Building Permits (Nov) came out at 1.34 million, while a consensus of analysts was expecting 1.49 million. United States Housing Starts (Nov) released today at 13:30 UTC with a figure of 1.43 million, while the previous figure was 1.43 million. United States Building Permits released today at 13:30 UTC with a figure of -11.2%, while the previous figure was -3.3%.
Palladium made an initial breakout above its 3 day Simple Moving Average at $1,706, a potential indicator of a newly emerging bullish phase. CME Palladium's lower Bollinger Band® is at $1,684, indicating that the market is oversold and fertile for new buyers. Despite this, Palladium could be slowing down soon; it is getting close to the resistance line and is now at $1,681.83, only $44.67 away. Crossing the resistance line could, however, suggest that further gains are ahead.
With all probabilities considered, today's gains in CME Palladium have only added further momentum to existing technical factors favoring greater bullish sentiment in the days to come.
This rally in CME Palladium's price coincides with other Metals as having closed the previous session at $23.2, Silver is up 5.11% today to currently trade at around $24.39. Gold rallies 1.64% to trade around $1,827.2. Platinum gained 2.5% and is now trading at $1,012.4.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Consumer Confidence is projected to outperform its last figure with 101, having previously been at 100.2. The figure will be published tomorrow at 15:00 UTC.
Also worthy of note, United States Crude Oil Inventories projected to come out at -167,000 — worse than previous data of 10.23 million; data will be released tomorrow at 15:30 UTC.
Furthermore, the market is looking at United States Existing Home Sales (Nov) is scheduled for tomorrow at 15:00 UTC.
The commodity has been trending lower for about a month. Having set a significant low of $1,642.5 a day ago, Palladium is trading 1.36% higher.