After closing the previous trading day at $1,831.7, Palladium is up to $1,864 per troy ounce, which makes for a move of 1.76%/$32.3 today.
United States ISM Manufacturing PMI (Oct) is next today at 14:00 UTC.
At the same time, United States OPEC Crude Oil Production Algeria (Barrel) released yesterday at 15:00 UTC with a figure of 1 million, while the previous figure was 1 million. United States OPEC Crude Oil Production Congo (Barrel) came out at 270,000. United States OPEC Crude Oil Production Gabon (Barrel) came out at 200,000.
With regards to technical trend indicators, chart analysis show 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. Asset volatility analysis shows that Palladium's lower Bollinger Band® is at $1,812, indicating that the market is oversold and fertile for new buyers.
All in all, the technical analysis suggests CME Palladium has no clear-cut direction.
This rally in CME Palladium's price coincides with other Metals as Silver is up 3.17%. Copper is up 2.46%. Platinum added 1.82% to its value, now trading at $947.
Furthermore, the market is looking at projections for United States Crude Oil Inventories are set for a continuation of decline with 267,000 while previous data was 2.59 million; data will be released tomorrow at 14:30 UTC.
The market is looking forward to the release of new data: United States Interest Rate figure is projected at four. It previously stood at 3.25; data will be released tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Oct) will be released tomorrow at 12:15 UTC.
Approximately 7 months ago, Palladium reached a significant high of $3,149 but has struggled to hold onto its gains and declined 41.83% since then.