After closing the previous trading day at $1,918.8, Palladium is up to $1,954 per troy ounce, which makes for a move of 1.83%/$35.2 today.
United States New Home Sales (Sep) is next today at 14:00 UTC.
On the flip side, Consumer Confidence in United States fell short of market expectations (106.5) with a reading of 102.5, continuing the decline from the previous figure of 107.8.
Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of 4.52 million, while the previous figure was -1.27 million. United States 2-Year Note Auction released yesterday at 17:00 UTC with a figure of 4.46, while the previous figure was 4.29.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Palladium's lower Bollinger Band® is at $1,884.68, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests the Palladium future is likely to remain muted for the immediate future, with no clear-cut direction.
Rallies can also be seen in other Metals, Gold jumps 1.21% to trade around $1,678. Having closed the previous session at $19.35, Silver is up 2.02% today to currently trade at around $19.74. Copper gained 1.84% and is now trading at $3.46.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States GDP is projected to outperform its last figure with 2.4. It previously stood at -0.6; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with 1 million. It previously stood at -1.73 million; data will be released today at 14:30 UTC.
Furthermore, the market is looking at tomorrow at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to 0.2% from the preceding figure of 0.3%.
The Palladium future is now trading 39.07% below the significant high of $3,149 it set around 7 months ago.