Yesterday at a glance: the Palladium future went up to $1,602 per troy ounce yesterday, gaining 0.84%.
At the same time, United States Services PMI released yesterday at 13:45 UTC with a figure of 53.7, while the previous figure was 52.6. United States CFTC Crude Oil speculative net positions came out at 244,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 189,900, while the previous figure was 192,700.
Despite posting gains on yesterday, Palladium slid below its 5 day Simple Moving Average at $1,578.4 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,638.49, thereby suggesting that the Palladium future is becoming overvalued. Although Palladium is appreciating today after rising as high as $1,631.5, price action is now slowing and consolidating around $30.33 below the $1,632.33 resistance level.
Technical analysis suggests there could be an imminent reversal for Palladium.
Rallies can also be seen in other Metals, notably, Platinum rose 3.04% yesterday and closed at $1,107.6.
Meanwhile, Gold drops 1.24% yesterday and closed at $2,019. Copper slides down 1.02% yesterday and closed at $4.03.
The commodity has been trending positively for about a month. CME Palladium hit a significant low of $1,346.4 around a month ago, but has since recovered 18%.