CME Palladium is down to $1,455.5 per troy ounce, after ending yesterday at $1,517.7. Overall, a 4.1% loss or $62.2 today.
United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected improvement to 555,000. CME Palladium reaction to indicator information will follow.
Palladium's upper Bollinger Band® is at $1,513.5 which indicates a further downward move may follow.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Palladium to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the CME Palladium is expected to attract significant bearish sentiment in the coming days.
Some optimism can drawn from the fact that United States Initial Jobless Claims is projected to outperform its last figure with 205,000. It previously stood at 211,000; data will be released tomorrow at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Mar) will be released tomorrow at 12:30 UTC. United States Building Permits (Feb) is expected tomorrow at 12:30 UTC.
The Palladium future is now trading 12.72% above the significant low ($1,346.4) it slumped to 7 days ago.