CME Palladium is rallying again to $1,874 per troy ounce (up $12.7), after erasing earlier gains.
- United States EIA Short-Term Energy Outlook is next today at 17:00 UTC.
- Palladium has gained $44.8 over the past 5 days, and today's session seems to be adding to the current uptrend.
Earlier data releases related to Palladium – United States ISM Non-Manufacturing PMI (Nov) released yesterday at 15:00 UTC with a figure of 56.5, while the previous figure was 54.4. United States Trade Balance (Oct) came out at -78.2 billion, while a consensus of analysts was expecting -80 billion.
Technical analysis of the Palladium future before data is released:
The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions.
Overall, looking at the technical analysis landscape, it seems Palladium might continue pointing upwards in the short term.
Coming up for Palladium — United States Crude Oil Inventories is projected to outperform its last figure with -3.88 million. It previously stood at -12.58 million; data will be released tomorrow at 15:30 UTC. United States EIA Short-Term Energy Outlook will be released today at 17:00 UTC.
As the markets get ready for more data to be released — having closed the previous session at $3.79, Copper is up 1.41% today to currently trade at around $3.85. Gold is up 0.47%. Silver climbs 0.97% to trade around $22.64.
Approximately 8 months ago, Palladium reached a significant high of $3,149 but has struggled to hold onto its gains and declined 40.89% since then.