After closing the previous trading day at $1,974, the Palladium future went up to $2,043.5 only to drop back; still positive overall today, now trading at $2,045.5 per troy ounce.
Meanwhile, United States Core Consumer Prices released yesterday at 13:30 UTC with a figure of 0.3%, while the previous figure was 0.6%. United States Consumer Price Index came out at 0.4%, while a consensus of analysts was expecting 0.6%. United States Consumer Price Index came out at 7.7%.
Technical chart analysis shows Palladium's nearest support level is at $1,951.6. Trend analysis indicates that Palladium made an initial breakout above its 50 day Simple Moving Average at $2,055.77, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $1,985.7 by around $59.8 with prices hammering out a $1,933.5 – $2,043.5 session range. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $2,078.8, thereby suggesting that Palladium is becoming overvalued.
With market volatility ebbing, the current technical outlook indicates CME Palladium will remain range-bound for the immediate future.
This rally in the Palladium future's price coincides with other Metals as Copper soars 3.89% to trade around $3.9. Gold gained 0.77% and is currently trading at $1,767.2.
Though the Palladium future is going up, other Metals are underperforming — after ending yesterday's session at $1,055, Platinum lost $5.4 and is trading around $1,049.6.
The Palladium future reached a significant high of $3,149 around 8 months ago but has lost 37.31% since then.