Palladium has been losing ground for 3 days, shedding a total of 3.54% of its value. More of the same today: after having ended Friday at $2,005.5, Palladium is down to $1,996.5 per troy ounce today. Overall, a 0.45% move or $9.
While price action maintains a negative bias, United States Services PMI released today at 13:45 UTC with a figure of 46.6, while the previous figure was 49.3. United States Composite PMI came out at 47.3, while a consensus of analysts was expecting 49.3. United States Manufacturing PMI released today at 13:45 UTC with a figure of 49.9, while the previous figure was 52.
Despite being in the red so far in the current trading session, Palladium peaked above its 10 day Simple Moving Average around $2,058.31 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $1,912, a low enough level to, generally, suggest that CME Palladium is trading below its fair value. On the other hand, note that the Palladium future broke through the $2,007.17 support line and dropped $10.67 below it.
Overall, looking at the technical analysis landscape, it seems Palladium —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
Taking a look at other Metals commodities, negative performances are evident as Platinum dips 2.48% to trade around $930.9. Copper is down to $3.44, losing 3.55 cents, after closing at $3.47 in the preceding trading session.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Consumer Confidence projected to decline to 106.5 while previous data was 108; data will be released tomorrow at 14:00 UTC.
Palladium reached a significant high of $3,149 around 7 months ago but has lost 36.31% since then.