While CME Palladium in the midst of an 8 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. Tentatively higher from an earlier low of $1,480.5, the Palladium future is up to $1,502 per troy ounce today, adding $9.6, or 0.64%, to yesterday's closing price of $1,492.4.
CME Palladium is currently trading at $1,502 following the release of Core PCE Price Index (MoM) (Mar) data from the United States.
Nevertheless, following a previous reading of 0.8%, Pending Home Sales in United States released yesterday at 14:00 UTC fell short of the 0.5% figure expected by analysts with an actual reading of -5.2%. Following a previous reading of 2.6, GDP in United States released yesterday at 12:30 UTC fell short of the two figure expected by analysts with an actual reading of 1.1.
Meanwhile, United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3.
Palladium made an initial breakout above its 21 day Simple Moving Average at $1,510.48, a potential indicator of a newly emerging bullish phase. Fibonacci-focused traders would be interested to note that CME Palladium is oscillating around the key Fibonacci resistance level of $1,514.75. Despite this, the Palladium future is $23.17 away from testing key resistance at $1,525.17. Peaking above this level could inspire market bulls and open the path to further gains.
Examining the technical analysis landscape, the Palladium future might continue its downtrend in the short term.
Palladium has fallen back around 35.71% over the past 6 months, from a notable high of $2,321.2.