Small gain for Palladium at $1,416 per troy ounce after ranging between $1,413.5 and $1,416 today.
Trend-following investors would be interested to note that despite posting gains so far today, Palladium slid below its 21 day Simple Moving Average at $1,429.19 in earlier trade — an early indicator that a negative trend could be emerging. The Palladium future is currently trading around the $1,466 Fibonacci resistance level. Analysis based on the asset volatility indicates that the Palladium future's lower Bollinger Band® is at $1,349.7, indicating that the market is oversold and fertile for new buyers. Following today's trading session, chart analysis suggests although CME Palladium is appreciating today after rising as high as $1,416, price action is now slowing and consolidating around $77 below the $1,493 resistance level.
All in all, the technical analysis suggests Palladium has no clear-cut direction.
Furthermore, the market is looking at United States EIA Short-Term Energy Outlook scheduled to come out tomorrow at 16:00 UTC.
The commodity has been trending positively for about a month. The Palladium future traded as high as $2,449 before shedding 34.67% lower over the past six months.