A quick look at yesterday: Palladium recovered from the previous trading session's losses and went up to $1,504 per troy ounce yesterday after it traded lower at $1,473.5.
On the flip side, highly important Core Retail Sales data from United States beat analyst expectations of -0.3% with a reading of -0.8%. Following a previous reading of -0.2%, Retail Sales in United States released yesterday at 12:30 UTC fell short of the -0.4% figure expected by analysts with an actual reading of -1%.
At the same time, United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -307,600, while the previous figure was -321,500.
Palladium could be slowing down soon as it approaches resistance at $1,526.5. Of course, crossing it might suggest further gains are ahead. Despite posting gains on yesterday, the Palladium future slid below its 50 day Simple Moving Average at $1,487.77 during the last session — an early indicator that a negative trend could be emerging. Palladium's upper Bollinger Band® is at $1,535.57, this is a slight indication of a slowdown. In contrast, CME Palladium is currently trading around the $1,517.8 Fibonacci resistance level.
Technical analysis suggests there could be an imminent reversal for the Palladium future.
Meanwhile, Gold is down to $2,017.7, losing $37.6, after ending the previous session around $2,055.3. Silver stumbles 1.77% yesterday and closed at $25.93. Platinum lost 0.66% yesterday and closed at $1,065.5.
The commodity has been trending positively for about a month. The Palladium future hit a significant low of $1,346.4 around a month ago, but has since recovered 11.08%.