After closing the previous trading day at $1,421.7, Palladium is up to $1,426.5 per troy ounce, which makes for a move of 0.34%/$4.8 today.
- United States Initial Jobless Claims data will be released today at 13:30 UTC, with an expected decline to 195,000.
- In contrast to today's gains, Palladium has been on a 20 day bearish trend during which it lost $216.9 of its value.
Earlier data releases related to CME Palladium – highly important Crude Oil Inventories data from United States beat analyst expectations of 457,000 with a reading of 1.17 million. United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48.
Technical analysis of the Palladium future before macro data is released:
Palladium's lower Bollinger Band® is at $1,366.76, indicating that the market is oversold and fertile for new buyers.
Examining the technical analysis landscape, CME Palladium might continue its downtrend in the short term.
Coming up for the Palladium future — today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 192,000. United States ISM Non-Manufacturing PMI (Feb) will be released tomorrow at 15:00 UTC.
As the markets get ready for more data to be released — after ending yesterday's session at $4.17, Copper lost 6.8 cents and is trading around $4.1. Gold stumbles 0.44% to trade around $1,837.2. Silver is down to $20.8, losing 15.4 cents, after closing at $20.96 in the preceding trading session.
The commodity has been trending lower for about 2 months. So far this year, the Palladium future has declined 20.22% while touching highs around $3,149 earlier this year.