Palladium drops $44 early on and steadies around the $1,724.5 per troy ounce level.
United States Existing Home Sales (Dec) is next today at 15:00 UTC.
Nonetheless, encouraging indicators for CME Palladium published earlier when highly important Crude Oil Inventories data from United States beat analyst expectations of -593,000 with a reading of 8.41 million. United States Initial Jobless Claims came out at 190,000, better than analyst estimates of 214,000 and improving upon the previous reading of 205,000.
Meanwhile, United States Philadelphia Fed Manufacturing Index (Jan) came out at -8.9, while a consensus of analysts was expecting -11.
Technical analysis shows that the resistance level is at $1,759, followed by $1,759. Trend and momentum analysis indicates that Palladium made an initial break below its 21 day Simple Moving Average at $1,754.63, a possible indication of a forthcoming negative trend. Palladium is currently flirting with an active Fibonacci support level around $1,746.33. Analysis based on the asset volatility indicates that the Palladium future's lower Bollinger Band® is at $1,695.17, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests the Palladium future is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other Metals as Platinum is down $12.8 from the beginning of the session and now trades around $1,028.2.
Though the Palladium future has been dropping, other Metals have been performing better: Silver climbs 0.73% to trade around $24.05. Gold is up 0.21% to $1,928.
Furthermore, United States Existing Home Sales (Dec) is expected today at 15:00 UTC.
The commodity has been trending positively for about a month. 10 months ago CME Palladium reached a significant high of $3,149 but has consequently lost 43.84% since then.