While on a 5 day downtrend Today is looking a bit better: without a clear-cut direction, Palladium is trading around $1,528.5 per troy ounce and ranging between $1,515 and $1,537.
CME Palladium's notable support and resistance levels: Palladium is approaching key support, around $9.17 away from $1,519.33. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Trend-following investors would be interested to note 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 upper Bollinger Band® is at $1,767.71 and the lower is $1,501.54.
Overall, technical indicators suggest the Palladium future has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Metals as Silver is down to $21.86, losing 22 cents, after closing at $22.07 in the preceding trading session. After ending Friday's session at $951.8, Platinum lost $8.3 and is trading around $943.5.
Furthermore, the market is looking at United States Consumer Price Index is expected tomorrow at 13:30 UTC. United States Consumer Price Index figure is projected at 6.2%. It previously stood at 6.5%; data will be released tomorrow at 13:30 UTC. United States Core Consumer Prices is expected tomorrow at 13:30 UTC.
The commodity has been trending lower for about a month. So far this year, CME Palladium has declined 14.34% while touching highs around $3,149 earlier this year.